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  • 10. Small business entity simplified depreciation



    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.

    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 2017 the instant asset write-off threshold for small business entities has increased from $1,000 to $20,000.

    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 $20,000)

    Write at A the total amount the company claimed at item 6 relating to assets costing less than $20,000 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.

    Last modified: 24 Feb 2021QC 48080