When we do the tax reconciliation, we are using the simplified depreciation regime as below:

A summary of these tax depreciation rules that apply in respect of depreciating assets acquired after 12 May 2015 and before 29 January 2019 are summarised below.

(i)an immediate 100% deduction applies in respect of depreciating assets costing less than $20,000 (GST-exclusive); and

(ii)depreciating assets costing $20,000 or more (GST-exclusive) are automatically pooled (ie. lumped together) and are depreciated in a general small business pool at the diminishing value rate of 30% per year (15% DV in the first year).

All the required assets listed as below:

(a)Leasehold Improvements:

Fit-out (consisting of non-slip floor tiles, ducted air-conditioning, lighting, benches and signage) - $142,800.

(b)Property, Plant and Equipment:

Cash register - $5,250

Desktop computers and printer - $6,680

Refrigerators and freezers - $62,410

Kitchen equipment and utensils - $26,350

Ovens - $30,780

Crockery, glasses and cutlery - $4,240

Tables and chairs - $16,990

(c)Computer Software:

MYOB AccountRight and retail point of sale software - $14,140

(d)Liquor Licence:

Liquor licence - paid to The Queensland Office of Liquor and Gaming Regulation - $8,000.

Now my question is in terms of PPE, for MYOB accounting purpose, we group the assets like (cash register, desktop and refrigerate....) together into PPE, so we only do the journal entry depreciation of PPE instead of separate those 7 items. But for tax purpose, in the reconciliation, do we separate those 7 items or still group them as a PPE as a whole? Because if we separate them then some assets like cash register and desktop can be immediately written off. But if we group as a PPE as a whole then it will subject to small business pool.

Also, usually the tax profit ( assessable income greater than deductions) then we can distribute to each beneficiaries. But if we had tax loss ( deduction greater than assessable income) then the loss can't distribute to the beneficiaries?

Thanks