Small business concessions: changes to simpler depreciation rules
The Government announced that it would make changes to small business concessions. At the time of printing these changes had not become law. Go to Instant asset write-off and simplified depreciation for information about the progress of this legislation.
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:
- deduction for certain assets (costing less than $6,500), show at A the total amount claimed relating to these assets
- deduction for small business general pool assets, show at B the total amount claimed relating to the general small business pool
Only put the depreciation deduction in the two small business entity depreciating asset labels, and not the pool balance.