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  • Introduction

    Attention

    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

    These instructions will help you complete the Partnership tax return 2018. They are not a guide to income tax law. You may need to refer to other publications.

    When we say ‘you’ or ‘your business’ in these instructions, we mean either you as the partnership that conducts a business or you as the registered tax agent or partner responsible for completing the tax return.

    These instructions contain abbreviations for names or technical terms. Each term is spelt out in full the first time it is used and there is a list of abbreviations.

    What’s new?

    Expanding accelerated depreciation for small businesses

    On 9 May 2017, the Government announced an extension to the 2015–16 Budget measure providing an instant asset write-off provision for small businesses. The laws allow small businesses to claim an immediate deduction for assets they first acquire and start to use, or have installed ready for use, provided each depreciable asset costs less than $20,000. This temporarily replaces the previous instant asset write-off threshold of $1,000.

    This measure started 7.30pm (AEST) 12 May 2015 and will end on 30 June 2018.

    The balance of the general small business pool is also immediately deductible if the balance is less than $20,000 at the end of an income year that ends on or after 12 May 2015 and on or before 30 June 2018 (including an existing general small business pool).

    The 'lock out' laws have also been suspended for the simplified depreciation rules (these prevent small businesses from re-entering the simplified depreciation regime for five years if they have opted out) until the end of 30 June 2018.

    Last modified: 12 Feb 2019QC 55245