Deductions for the decline in value of depreciating assets
Standard Depreciation
You can use the simple depreciation if you are a small business entity. You can claim an immediate deduction for most depreciating assets costing less than $30,000.
Deductions that can use standard depreciation:
D1 Work-related car expenses
D2 Work-related travel expenses
D4 Work-related self-education expenses
D5 Other work-related expenses
- Add the Asset Information
- Description of asset e.g. Toyota Camry MX12345
- Asset Category
- Ownership percentage
- Date Purchased
- Date first used - by default, the value will be the same as Date Purchased but can be edited
- Depreciation
- Purchase Price
- Effective Life (in years) - full year or decimals
- Method
* Prime Cost - use for intangible depreciating assets
* Dimishing value
* Write-off - applies to assets costing less than $30,000 each
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