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Division 355 only lets you claim a notional R&D deduction on a tangible depreciating asset that would be eligible for depreciation under Division 40.
Is the full cost of the asset being deducted under the Small Business Rules or Temporary Full Expensing (sub-Division 40BB) or perhaps section 40-82?
As the ordinary tax outcome is the same for each of these provisions only deductions determined within Division 40 (both and 40BB) can be claimed within the R&D tax regime.
It is possible to immediately deduct the business enterprise part of the asset’s cost under temporary full expensing.

If an asset qualifies for an immediate deduction under temporary full expensing within an income year, you can elect to claim a deduction using other depreciation rules.
However, you need to notify the ATO within an approved form you have chosen never to apply temporary full expensing to the asset.
The choice is unchangeable, and you must inform us by the day you lodge your earnings tax return for the income year to which the choice relates.
The decision is unchangeable, and you also must inform the ATO each day you lodge your earnings tax return for the income year to which the choice relates.
For businesses with an aggregated turnover of significantly less than $50 million, temporary full expensing also pertains to the business portion of eligible second-hand depreciating assets.

Previously, small businesses could accelerate the depreciation of certain assets under the Instant Asset Write-Off , however this would preclude them being claimed under the R&D Tax Incentive.
The recent addition of Temporary Full Expensing permits the accelerated depreciation of certain assets while still allowing them to be claimed under R&D.
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If your income year ends on 30 June, deductions under temporary full expensing are just available in the 2020–21 and 2021–22 income years.

The TFE and IAWO can be found in the year that the asset is used or installed ready for use.This can be different from once the cost of the asset is incurred or paid

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However, SBEs with an annual aggregated turnover ofless than $10 millioncan elect to apply the simplified depreciation rules in sub-Division 328-D of the ITAA 1997.
In case a SBE opts out of the simplified depreciation rules, it could lose access to other benefits in FY21.
This should be looked at separately to determine which regime supplies the most reliable tax treatment.
Note the lockout rules have already been suspended for FY21 and FY22; therefore the SBE can return to the simplified depreciation rules immediately in FY23 if it opts out in FY21 and FY22.

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• Feel the excellence of Walther suited to your needs with the PPQ, a handgun that defines both efficiency and performance.
• This means you should think about which treatment will provide the most benefit to your organization, both in the immediate term and across the life of any eligible assets.
• This adjustability also provides access to the magazine and slide releases without shifting your hand.

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SBEs can opt-out of the simplified depreciation rules and access TFE under sub-Division 40BB instead.
Any impacts of the decision to opt-out of simplified depreciation rules should be considered.
This means you should look at which treatment will provide the most benefit to your organization, both in the immediate term and across the life of any eligible assets.
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Special note for Small Business Entities – SBEs can still use the instant asset write off after 6 October, and there is absolutely no cap on the expense of assets.
They can opt-out of the SBE regime for 2021 to gain access to the Temporary Full Expensing regime instead; this will provide the same deduction under sub-Division 40BB under Division 328.
Opting out of your SBE regime may have other consequences for the entity which should be considered.
Beneath the IAWO, eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the entire year the asset is first used or installed ready for use.

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For companies that would otherwise need to depreciate exactly the same asset over a long time, it is a valuable tax benefit.
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