Must I use the General Asset Pool?

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LSP1997

(Newbie)Newbie

31 Mar 2025

Hello,

I am doing the bookkeeping for a new SBE that established in the 2025FY and want some clarification on the simplified depreciation rules for small business.

Under these rules I understand there are two ways to treat assets:

Instant Asset Write Off for assets <$20,000
Small Business Pool for assets >$20,000

My question is this: In electing to use the instant asset write off, MUST the business also use the Small Business Pool? OR, can it use the instant asset write off and use the general effective life rules for assets >$20,000?

Any clarification would be appreciated, thank you.

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