Depreciation and capital allowances tool

This tool will help you calculate the deduction available from a depreciating asset. It will also assist you to calculate the claims you are entitled to for capital allowance and capital works purposes.

Use this tool if you need to:

  • calculate the decline in value on multiple assets
  • compare depreciation amounts between the prime cost and diminishing value methods
  • determine disposal amounts, including balancing adjustments
  • work out your  
    • small business depreciation
    • motor vehicle depreciation
    • capital works depreciation
    • low value pool depreciation
    • rental property depreciation
    • partnership depreciation
    • asset based depreciation.
  • save your calculations so they automatically populate future year amounts for use in your tax return if you have a myGov account
  • print your records and calculations for any asset if you do not have a myGov account.

You should not use this tool if:

  • you are claiming the asset as an immediate deduction (i.e. certain assets costing $300 or less).
  • you have complex depreciation claims. For example, intangible depreciating assets including in-house software, an item of intellectual property (except a copyright in a film) or a telecommunications site access right.

This video will show you how to use the Depreciation and Capital Allowances tool to help you complete your myTax return.

2016–17 Budget changes for small business entities

In the 2016–17 Budget an increase to the small business entity threshold was proposed to apply from 1 July 2016. This change is not yet law.

If you believe you will be able to access small business concessions under the proposed change and your aggregated turnover is between $2M and $10M you should not use this tool until the law is enacted.

For more information refer to the proposed increase to the small business entity turnover threshold

Amending your tax return

If you change or add any details relating to an income year for which you have already lodged a tax return, you may need to amend that return.

Next steps:

Last modified: 09 Aug 2016QC 17601