If few assets say for instance 4 assets with balance of less than 150k each sitting on depreciation schedule which were depreciated under general depreciation -diminishing method in EOFY2020 . Can i move all of those 4 assets from General depreciation to small business pool and depreciate at 30% for EOFY 2021 given each asset is under the instant asset write off threshiold limit.
Hi @Ginni
If you're eligible for simpler depreciation for small business, you can move to using simpler depreciation. This would move those those assets to the small business pool.
Keep in mind that at the end of each financial year, the small business pool is completely deducted under temporary full expensing rules. Under simpler depreciation rules, you cannot opt out of temporary full expensing, or on an asset-by-asset basis, though.
You can read about temporary full expensing for simpler depreciation on our website.
Hi @Ginni
If you're eligible for simpler depreciation for small business, you can move to using simpler depreciation. This would move those those assets to the small business pool.
Keep in mind that at the end of each financial year, the small business pool is completely deducted under temporary full expensing rules. Under simpler depreciation rules, you cannot opt out of temporary full expensing, or on an asset-by-asset basis, though.
You can read about temporary full expensing for simpler depreciation on our website.
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