What not accessing this concession means need to make individual depreciation calculations for each asset, based on their effective life need to make adjustments for assets purchased through the year (and changes in business use for each individual asset can claim an immediate deduction for assets costing less than $100 can calculate your depreciation deductions using either the diminishing value method or prime cost method can use a different type of pooling for low- value assets less than $1,000. You will need to use the normal depreciation rules. This means you: How do you access this concession? You access this concession when: you are preparing your depreciation schedules, and calculating depreciation deductions for your tax return.
FNSACC501 Version 2.1 August 2016 Page 20 of 34 6 Answer the following questions in relation to the immediate deduction for certain prepaid expenses rules that relate to small business entities What accessing this concession means You can choose to claim an immediate deduction for prepaid expenses where the payment is for a period of service that is 12 months or less and ends in the next income year. What not accessing this concession means You will need to apportion the deduction for the expense over the income years it applies to. How do you access this concession? You access this concession by claiming an immediate deduction for prepaid expenses in your tax return. You don’t need to notify the ATO of your decision to use this concession. 7 What is the time limit for requesting an amendment to a tax assessment?
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