P10 Small business entity depreciating assets

Warning:

This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

Item P10 is only for small business entities using the simplified depreciation rules.

Completing this item

To complete this item, use the amounts you calculated for small business entity depreciation deductions in worksheet 2.

At A Deduction for low-cost assets (less than $1,000) item P10 on page 4 of your schedule, write the amount at (a) in the worksheet.

At B Deduction for general pool assets (less than 25 years), write the total of the amounts at (b) and (d) in the worksheet.

At C Deduction for long-life pool assets (25 years or more), write the total of the amounts at (c) and (e) in the worksheet.

Stop

Remember: write the depreciation deductions, not the pool balances, at A, B and C.

Other business and professional items

For P11 to P19, you need to fill in all items relating to your business expenses.

If you have more than one business you must add the figures for all businesses, irrespective of whether they are primary or non-primary production, and write only one figure at each item.