Turn on tax depreciation via 4 little squares
Company tax return instructions states:
The Income and Expenses amounts to be written at item 6 Calculation of total profit or loss are accounting system amounts and correspond to the amounts in the company’s financial statements for the income year, except for the depreciation expenses of small business entities using the simplified depreciation rules. These are to be written as tax values at X Depreciation expenses item 6 (see Small business entities).
Therefore Small Business Entities using accelerated depreciation for their tax returns will use tax value for 6X Depreciation Expenses. Only include depreciation expenses at W Non-deductible expenses item 7 if the company is not using the small business entity depreciation rules (including the circumstances where the company using the small business entity depreciation rules also has assets excluded from the application of these rules (as per instructions Note 5), and the deduction for decline in value of these depreciating assets will be written at F Deduction for decline in value of depreciating assets item 7 (as per Instruction 7F).
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