P10 Small business entity simplified depreciation

Do you use the simplified depreciation rules?

No	Go to P11 Temporary full expensing.
Yes	Read on. P10 is only for small business entities using the simplified depreciation rules.

For assets you started to hold, and first used (or had installed ready for use) for a taxable purpose in 2022–23, the instant asset write-off threshold does not apply to businesses using the simplified depreciation rules. You must immediately deduct the business portion of the asset's cost under temporary full expensing.

Completing this question

To complete this question, use the amounts you calculated for small business entity depreciation deductions in worksheet 2 in question P8.

As a small business entity using the simplified depreciation rules:

• you must write 0 at label A because in 2022–23 you did not hold an asset meeting the criteria to claim instant asset write-off
• you must complete P11 to show the amount, and number of depreciating assets, you are claiming a deduction for under temporary full expensing. This will be the amount from row a in worksheet 2.

Write at label B Deduction for general small business pool the total amount you claimed at question P8 relating to the general small business pool. This is the total amount from row b in worksheet 2.

Continue to: P11 Temporary full expensing