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

Published on 03 Feb 21 by THE TAX INSTITUTE

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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The Tax Institute is Australia's leading professional association and educator in tax, with offices in most major cities. Focusing solely on tax, the Institute provides the best resources, education and networks. Our mission is to equip tax professionals with everything they need to demonstrate the highest level of expertise and increase the advancement of public knowledge and understanding. We are also committed to propelling members into the future and onto the global stage with the introduction of the Chartered Tax Adviser designation.
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