10. Small business entity simplified depreciation

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

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

In this section:

• Small business concessions: changes to simpler depreciation rules
• A – Deduction for certain assets (costing less than the relevant instant asset write-off threshold)
• B – Deduction for general small business pool

Small business concessions: changes to simpler depreciation rules

Recent changes to the law mean that from 7:30pm on 12 May 2015 until 30 June 2020 the instant asset write-off threshold for small business entities has changed.

To complete this item use the amounts the company calculated for small business entity depreciation deductions at X Depreciation expenses item 6. For more information, see Small business entities.

A – Deduction for certain assets (costing less than the relevant instant asset write-off threshold)

Write at A the total amount the company claimed at item 6 relating to assets costing less than the relevant instant asset write-off threshold for which an immediate deduction is available.

B – Deduction for general small business pool

Write at B the total amount the company claimed at item 6 relating to the general small business pool.

Next step:

• 11. Consolidation deductions relating to rights to future income, consumable stores and work in progress