Item 10 - Small business entity simplified depreciation

Only complete this item if the company is a small business entity using the simplified depreciation rules. Refer to the Small Business Entity concessions on the ATO website.

To complete this item, use the amounts the company calculated for small business entity depreciation deductions at label X Depreciation expenses item 6. Refer to Label X-Depreciation expenses.

Recent changes to the law mean that from 7:30pm on 12 May 2015 until 30 June 2018 the instant asset write-off threshold for small business entities has increased from $1,000 to $20,000.and the special depreciation rules for motor vehicles have been removed.

To complete this item, use the amounts the company calculated for small business entity depreciation deductions at X Depreciation expenses item 6.

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

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

Label B - Deduction for general small business pool

This is the total amount the company claimed at item 6 relating to the general small business pool.

CCH References

7-050 Small business entities

7-050 Small business entities - aggregated turnover

7-130 Maximum net asset value requirements - Affiliates or connected entities

7-370 Paying GST by quarterly instalments

16-045 Advance payments for services

7-530 FBT car parking exemption

7-250 Simplified depreciation for small business

7-260 Simplified trading stock rules

10-000 Overview of assessable income

10-005 Checklist of taxable and non-taxable items

17-015 Depreciating assets