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Full expensing of depreciating assets and small business entity pooling
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
Submission prepared by:
The Joint Bodies
(Chartered Accountants Australia and New Zealand, Corporate Tax Association, CPA Australia, Institute of Public Accountants, Law Council of Australia and The Tax Institute)
Submitted to:
Ms Maryanne Mrakovcic
Deputy Secretary – Revenue Group
The Treasury
For more information, contact:
Julie Abdalla, FTI
Tax Counsel, The Tax Institute
(02) 8223 0058
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Tagged
- Business taxation
- SME & family business
- Capital allowances
- Small business tax concessions