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Information for Business Owners

Business Tax Deductions - Step 5

Capital allowances - Plant and Equipment Depreciation
There are two sets of rules you can use to work out how much you can claim for depreciating assets, such as plant and equipment - the simpler capital allowances rules concession and the uniform capital allowances rules.
Small businesses with aggregated turnover of less than $2 million can select the set of rules you prefer. Larger businesses must use the uniform capital allowance rules.
Simpler capital allowances (depreciation) rules concession
These rules provide a simplified approach to claiming depreciation on your assets. They are particularly suited to small businesses.
Uniform capital allowances rules
These rules allow you to choose from two methods to calculate how to depreciate your business assets - the prime cost method and the diminishing value method.
BASMAN RETURNS can help you:
  • calculate the total deduction for decline in value of depreciating assets in the current income tax year
  • work out disposal calculations, including balancing adjustments and capital gains
  • make comparisons between the alternative decline in value methods - diminishing value and prime cost.
For more information on depreciating your business assets contact the BASMAN 

2 Comments to Business Tax Deductions - Step 5:

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jeffrey campbell shoes on Friday, 23 September 2011 5:53 AM
Great blog.
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Myne Clothing on Saturday, 19 November 2011 6:22 AM
Still a great blog my friend.
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