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Florence123(Dynamo)Dynamo
23 Sept 2021

If a taxpayer has a general pool as at 30 June 2020 can the taxpayer cease using the Simplified depreciation at 1 July 2020 and choose to depreciate assets using their effective life instead and ignore temporary full expensing, BBI & instant asset write off?

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560 views
2 replies

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JodieR_ATO(Community Support)Community Support
ATO Certified Response27 Sept 2021

Hi @Kathadance1, A small number of assets are specifically excluded from the simplified depreciation rules. For these assets, you must use the general depreciation rules: - assets that are leased out, or expected to be leased out, for more than 50% of the time on a depreciating asset lease - assets you allocated to a low-value assets (pool) before using the simplified depreciation rules. If you stop using simplified depreciation rules, you'll need to follow the alternate means for reporting, based on your scenario.

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Most helpful replyATO Certified Response

JodieR_ATO(Community Support)Community Support
ATO Certified Response27 Sept 2021

Hi @Kathadance1, A small number of assets are specifically excluded from the simplified depreciation rules. For these assets, you must use the general depreciation rules: - assets that are leased out, or expected to be leased out, for more than 50% of the time on a depreciating asset lease - assets you allocated to a low-value assets (pool) before using the simplified depreciation rules. If you stop using simplified depreciation rules, you'll need to follow the alternate means for reporting, based on your scenario.

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Depreciation of Business Asset using Effective Life | ATO Community