A small business using the simplified depreciation rules purchased an asset (cost less than $150,000) for a taxable purpose in Nov 2020. We understood that the small business cannot opt out of temporary full expensing and need to complete labels F and G item P11. Also, we understood that the asset purchased after 6 Oct 2020 should not be added in small business pool. However, there are some questions regarding how to report this asset in Item P10. It would be appreciated if you could advise.
Q1: Does the small business still need to complete label A item P10 for the asset?
Q2: Should the small business use the Table “Small business entity – low cost” to report the asset details in the 2021 tax return? It seems that our accountant was not able to find this Table in online system. Can you please tell whether the Table is still available in system and how to find it?
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