If a busienss holds assets that they did not allocate to a pool in 2020 with the new depreication rules, can they write off the asset in full in 2021?
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Hi @Maria2
It depends on the depreciation method the business is using.
If you're on general depreciation rules, you won't be able to use temporary full expensing in the 2021 year on those assets.
If you're on simpler depreciation for small business, or move to it in the 2021 year, the assets all go together in the pool at the end of the financial year if they weren't eligible for the instant asset write-off. Under temporary full expensing provisions, the pool is completely wiped out at the end of the financial year.
You can read about temporary full expensing on our website.
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Hi @Maria2
It depends on the depreciation method the business is using.
If you're on general depreciation rules, you won't be able to use temporary full expensing in the 2021 year on those assets.
If you're on simpler depreciation for small business, or move to it in the 2021 year, the assets all go together in the pool at the end of the financial year if they weren't eligible for the instant asset write-off. Under temporary full expensing provisions, the pool is completely wiped out at the end of the financial year.
You can read about temporary full expensing on our website.