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  • 48 Small business entity simplified depreciation

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

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    Small business concessions: changes to simpler depreciation rules

    The Government announced that it would make changes to small business concessions. At the time of printing these changes had not become law.  Go to Instant asset write-off and simplified depreciation for information about the progress of this legislation.

    Only complete this item if the partnership is a small business entity using the simplified depreciation rules.

    To complete this item, use the amounts calculated for small business entity depreciation deductions at K item 5:

    • deduction for certain assets (costing less than $6,500), show at A the total amount claimed relating to these assets
    • deduction for small business general pool assets, show at B the total amount claimed relating to the general small business pool

    Only put the depreciation deduction in the two small business entity depreciating asset labels, and not the pool balance.

    Last modified: 12 Feb 2019QC 40273