Instructions for advising your choice to opt out of temporary full expensing for some or all of your eligible assets.
Answer the following:
- Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets?
- Number of assets you are opting out for
- Value of assets you are opting out for
- Temporary full expensing deductions
- Did you recalculate the effective life for any of your depreciating assets this income year?
- Total depreciation deducted for income year
- Total section 40-880 deductions
- Total Division 43 capital works deductions (special building write-off)
Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets?
You can choose to opt out of temporary full expensing on an asset-by-asset basis in an income year and apply the other depreciation rules to that asset. You make this choice for a particular depreciating asset. Once you have made a choice, you cannot revoke it. Select:
- 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
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
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.
Temporary full expensing deductions
Show the total amount of the deductions that you are claiming under temporary full expensing.
Ensure that the amount claimed is included at Total depreciation deducted for income year.
Number of assets you are claiming for
Show the number of assets for which you are claiming temporary full expensing.
You will not be penalised for specifying an incorrect number of assets where you have made your best attempt to determine the number of assets you are claiming for.
Have you self-assessed the effective life of any depreciating assets acquired in the income year?
Answer Yes or No as appropriate.
Check the Effective life of an asset or the Guide to depreciating assets 2022 for more information.
Did you recalculate the effective life for any of your depreciating assets this income year?
Answer Yes or No as appropriate.
For more information, see Uniform capital allowance system – Changing a depreciating asset's effective life or Guide to depreciating assets 2022
Total depreciation deducted for income year
Enter your depreciation expense deduction amount, calculated under section 40-25 of the ITAA 1997.
Include here claims for temporary full expensing.
For more information, see Uniform capital allowance system: calculating the decline in value of a depreciating asset
Total section 40-880 deductions
Enter the total amount of the trust’s deductions allowable under section 40-880 of the ITAA 1997.
For more information, see Claiming a tax deduction for depreciating assets and other capital expenses
Total Division 43 capital works deductions (special building write-off)
Enter the amount of your capital works deductions allowable under Division 43 of the ITAA 1997.
For more information, see Capital works deductions.
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