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  • 48 Small business entity simplified depreciation

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    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.

    See also:

    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.

    Last modified: 12 Feb 2019QC 44345