The law changed with effect from 1 January 2014 to reduce the instant asset write-off threshold from $6,500 to $1,000.
Further changes also apply between 7.30pm (AEST) 12 May 2015 and ending on 30 June 2017 that temporarily increase the instant asset write-off threshold from $1,000 to $20,000 for assets that are acquired and installed ready for use during this period.
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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.
- Show at A the total amount claimed as a deduction for low-cost assets
- Show at B the total amount claimed as a deduction for general small business pool assets.
Only put the depreciation deduction in the two small business entity depreciating asset labels, and not the pool balance.