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

  1. Add the Asset Information
    1. Description of asset e.g. Toyota Camry MX12345
    2. Asset Category
    3. Ownership percentage
    4. Date Purchased
    5. Date first used - by default, the value will be the same as Date Purchased but can be edited
  2. Depreciation
    1. Purchase Price
    2. Effective Life (in years) - full year or decimals
    3. 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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