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48 Small business entity simplified depreciation

Last updated 11 February 2019

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.

QC94850