If you are the holder of a depreciating asset, you can look at ways to claim deductions for the decline in value of the asset by asking - can I use simplified depreciation rules for small business?

Simplified depreciation rules for small businesses include:

• an instant asset write-off for assets that cost less than the relevant threshold
• a small business pool for assets that cost the same or more than the relevant threshold - this has simplified calculations to work out the depreciation deduction.