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10. Small business entity simplified depreciation

Last updated 23 February 2021

Only complete this item if the company is a small business entity using the simplified depreciation rules.

Small business concessions: changes to simpler depreciation rules

Recent changes to the law mean that from 7:30pm on 12 May 2015 until 30 June 2017 the instant asset write-off threshold for small business entities has increased from $1,000 to $20,000.

To complete this item use the amounts the company calculated for small business entity depreciation deductions at X Depreciation expenses item 6. For more information, see Small business entities

A - Deduction for certain assets (costing less than $20,000)

Write at A the total amount the company claimed at item 6 relating to assets costing less than $20,000 for which an immediate deduction is available.

B - Deduction for general small business pool

Write at B the total amount the company claimed at item 6 relating to the general small business pool.

QC48080