Temporary full expensing tax return label guide

This guide can assist you to prepare your income tax return if you are claiming or opting out of temporary full expensing. Use it to correctly complete the labels on your return.

For more detailed instructions on how to prepare your income tax return, see the tax return instructions relevant to your entity type.

You can also download a PDF version of the Temporary full expensing tax return label guide (PDF, 104KB)This link will download a file

Temporary full expensing for entities using simplified depreciation – label guide

Table 1: Business expenses label to calculate net income or loss from business – Report all depreciation expenses at these labels
Item	ITR	TTR	PTR	CTR	Notes
Depreciation expenses	P8M	5K	5K	6X	Show the total depreciation deductions being claimed under the simplified depreciation rules and the uniform capital allowances (UCA) rules.

Table 2: Business expenses label to calculate net income or loss from business – Complete these labels to indicate your aggregated turnover
Item	ITR	TTR	PTR	CTR	Notes
Select your aggregated turnover range	N/a	49P	48U	8X	Select your aggregated turnover range.
Aggregated turnover	N/a	49Q	48V	8Y	Select your aggregated turnover range. Or, if you are a significant global entity, write your actual aggregated turnover rounded to the nearest $100 million.

Table 3: Complete these labels for assets first deducted in this income year
Item	ITR	TTR	PTR	CTR	Notes
Intangible depreciating assets first deducted	P17I	50A	49A	9A	You do not need to complete this label. Leave this blank.
Other depreciating assets first deducted	P18J	50B	49B	9B	You do not need to complete this label. Leave this blank.

Table 4: Complete these labels to indicate you are opting out of temporary full expensing
Item	ITR	TTR	PTR	CTR	Notes
Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets?	P11C	50P	49P	9P	You cannot opt out of temporary full expensing for assets that the simplified depreciation rules apply to. Leave this blank.
Number of assets you are opting out for	P11D	50Q	49Q	9Q	You cannot opt out of temporary full expensing for assets that the simplified depreciation rules apply to. Leave this blank.
Value of assets you are opting out for	P11E	50R	49R	9R	You cannot opt out of temporary full expensing for assets that the simplified depreciation rules apply to. Leave this blank.

Table 5: Complete these labels to advise of temporary full expensing deductions
Item	ITR	TTR	PTR	CTR	Notes
Temporary full expensing deductions	P11F	50S	49S	9S	Show the total amount of any deduction under temporary full expensing you claimed at Depreciation expenses.
Number of assets you are claiming for	P11G	50T	49T	9T	Show the total number of assets for which you are claiming temporary full expensing.
Are you using the alternative income test?	N/a	N/a	N/a	9U	If you have self-assessed your eligibility for the alternative income test, show X in the Yes box. If you are not using the alternative income test, show X in the No box.

Table 6: Complete these labels if you are a small business entity using simplified depreciation
Item	ITR	TTR	PTR	CTR	Notes
Deduction for certain assets	P10A	51A	50A	10A	For the 2021, 2022 and 2023 income years, small businesses using the simplified depreciation rules cannot claim instant asset write-off. You therefore need to insert 0 at this label.
Deduction for general small business pool	P10B	51B	50B	10B	Show the total amount you claimed at Depreciation expenses relating to the general small business pool.

Temporary full expensing for entities not using simplified depreciation – label guide

Table 1: Complete these labels to indicate your aggregated turnover
Item	ITR	TTR	PTR	CTR	Notes
Select your aggregated turnover range	N/a	49P	48U	8X	Select your aggregated turnover range.
Aggregated turnover	N/a	49Q	48V	8Y	Select your aggregated turnover range. Or, if you are a significant global entity, write your actual aggregated turnover rounded to the nearest $100 million.

Table 2: Complete these labels for assets first deducted in this income year
Item	ITR	TTR	PTR	CTR	Notes
Intangible depreciating assets first deducted	P17I	50A	49A	9A	Write the cost of all intangible depreciating assets for which you are claiming a deduction for decline in value for the first time.
Other depreciating assets first deducted	P18J	50B	49B	9B	Write the cost of all depreciating assets (other than intangible depreciating assets) for which you are claiming a deduction for decline in value for the first time.

Table 3: Complete these labels to indicate you are opting out of temporary full expensing
Item	ITR	TTR	PTR	CTR	Notes
Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets?	P11C	50P	49P	9P	Write: * A if you are opting out for some of your assets * B if you are opting out for all of your assets.
Number of assets you are opting out for	P11D	50Q	49Q	9Q	Show the number of assets for which you made the choice to opt out of temporary full expensing.
Value of assets you are opting out for	P11E	50R	49R	9R	Show the value of the assets for which you made the choice to opt out of temporary full expensing. The value is the amount you would have otherwise claimed for these assets under temporary full expensing if you had not made the choice to opt out.
Deduction for general small business pool	P10B	51B	50B	10B	Show the total amount you claimed at Depreciation expenses relating to the general small business pool.

Table 4: Complete these labels to advise of temporary full expensing deductions
Item	ITR	TTR	PTR	CTR	Notes
Temporary full expensing deductions	P11F	50S	49S	9S	Show the total amount of the deductions you are claiming under temporary full expensing.
Number of assets you are claiming for	P11G	50T	49T	9T	Show the total number of assets for which you are claiming temporary full expensing.
Are you using the alternative income test?	N/a	N/a	N/a	9U	If you have self-assessed your eligibility for the alternative income test, show X in the Yes box. If you are not using the alternative income test, show X in the No box.

Temporary full expensing tax return label guide

Temporary full expensing for entities using simplified depreciation – label guide

Temporary full expensing for entities not using simplified depreciation – label guide

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