This video includes the understanding temporary full expensing with respect to Small Business Entities (Less than $10,000,000 turnover) using a company structure.
Temporary Full Expensing came into being over COVID to encourage capital investment and is now the de facto method for securing accelerated depreciation by eligible entity’s with aggregated turnover less than $50 million
Note: Temporary Full Expensing only introduced year 2021, prior from that year, user should use "Immediate Write-Off"
To create Depreciation
Go to Tools tab then select Depreciation then click Add to create a new asset then click save.
Upon adding a new asset you have to fill in the details needed then save. A new asset is now created.
After creating new asset for depreciation, You may now check if it is automatically injected to form.
Open the form proceed to Depreciation tab
To check the Depreciation Report.
Go to Reports tab select Depreciation and then select All to show all the asset group you have.
Showing below is the Depreciation Report for Temporary Full Expensing.