Income tax, CGT and entities

Simpler depreciation (instant asset write-off)

Simpler depreciation is a set of rules for small businesses that choose them. They let the business immediately deduct the cost of an asset that is below the instant asset write-off threshold, and pool other assets in a general small business pool deducted at set rates. The threshold has been changed several times and applies for stated periods, so a practice must always take the current figure and the eligibility conditions from the ATO's page for the income year concerned, rather than from memory or an earlier year. Eligibility depends on the business's aggregated turnover and on the asset being first used or installed ready for use in the period. Records show the dates and costs.

General information, not tax advice. The rules change, so check the source page above for the current position. Fedix is developed by Tax7 R&D Pty Ltd.