Instructions to complete P11 Temporary full expensing.
Completing this question
Small business entities using the simplified depreciation rules cannot opt out of temporary full expensing and only need to complete labels F and G.
Other businesses can choose to opt out of temporary full expensing on an asset-by-asset basis in the income year in which the asset was acquired and apply the other depreciation rules to that asset. You make this choice for a particular depreciating asset for each applicable income year. Once a choice is made it cannot be revoked.
At label C Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets? write:
- A if you are opting out for some of your assets
- B if you are opting out for all of your assets.
At label D Number of assets you are opting out for, write the number of assets for which you made the choice to opt out of temporary full expensing.
You will not be penalised for specifying an incorrect number of assets where you have made your best attempt to determine the number of assets you are opting out for.
At label E Value of assets you are opting out for, write the value of the assets for which you made the choice to opt out of temporary full expensing. The value is the amount you would have otherwise claimed for these assets under temporary full expensing if you had not made the choice to opt out.
At label F Temporary full expensing deductions, write the total amount of the deductions that you are claiming under temporary full expensing. This is the amount you would have included as part of your depreciation amount at P8 Business income and expenses.
At label G Number of assets you are claiming for, write the number of assets for which you are claiming temporary full expensing.
You will not be penalised for specifying an incorrect number of assets where you have made your best attempt to determine the number of assets you are claiming for.
For more information, see Temporary full expensing
Other business and professional items
For question P12 to P21, you need to fill in all questions 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 enter only one figure at each question.
Continue to: P12 Small business boosts