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Temporary full expensing field is not reducing Taxable Income in eTax

Newbie

Views 98

Replies 2

Hello, 

 

I was expecing the amount at Other business and professional items -> Temporary full expensing deductions to reduce the Taxable income amount (I'm using eTax)

Is this just an information field for the tax department assessing, and is there anywhere else I should record this? It seems that I need to record this amount in the  Net non-primary production section for it to reduce the taxable income. Is this correct?

 

Using this simple example:

 

Income = $100,000

Business Costs = $5,000

Temporary Full Expensing Items = $20,000

 

Net non-primary production

  Other business income – manually calculated = $100,000

  Non-primary production – Business expenses

  •      Opening stock = 0
  •      Purchases and other costs $5,000
  •      Closing stock = 0

  Depreciation expenses – manually calculated = 0    (do I put $20,000 here?)

 

Other business and professional items

Small business entity simplified depreciation

  •    Deduction for certain assets = 0
  •    Deduction for general small business pool = 0

 

Temporary full expensing

  •    Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets? = <Select>
  •    Temporary full expensing deductions = $20,000
  •    Number of assets you are claiming for  = 3

 

Thank you.

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 1

Hello @vanbfly

 

As eTax is not our software I can't assist you in how to enter your depreciation total. I'd suggest you contact eTax directly for assistance.

 

If you wanted to use myTAX through our online services this video explains how to use the Depreciatioin and Capital Allowances tool. This populates your pre-fill data in myTAX.

 

2 REPLIES 2

Most helpful response

ATO Community Support

Replies 1

Hello @vanbfly

 

As eTax is not our software I can't assist you in how to enter your depreciation total. I'd suggest you contact eTax directly for assistance.

 

If you wanted to use myTAX through our online services this video explains how to use the Depreciatioin and Capital Allowances tool. This populates your pre-fill data in myTAX.

 

Newbie

Replies 0

Sorry, I meant myTax.

Thank you for the video - I will take a look.