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Joint Bodies Submission | Full expensing of depreciating assets and small business entity pooling

Author: The Tax Institute

Published Date: 3 Feb 2021

 

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Our submission below addresses our main concerns, and that of our members, in relation to the recent legislative amendments contained in Schedule 1 to the Treasury Laws Amendment (2020 Measures No. 6) Act 2020 (the amendments).

The amendments are intended to provide businesses with flexibility to choose whether to apply the new full expensing of depreciating assets (FEDA) measure on an asset-by-asset basis. However, this flexibility is not available to small business entities (SBE). By the operation of the law, SBEs are required to fully expense their general small business pool (pool) balances on 30 June 2021 and cannot choose not to write off the pool balance.

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  • Published By:The Tax Institute
  • Published On:3 Feb 2021
  • Session Name:Joint Bodies Submission | Full expensing of depreciating assets and small business entity pooling
  • Read Time:10+ minutes

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The Tax Institute
(ABN 45 008 392 372 (PRV14016))

("TTI")

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