• P17 Termination value of intangible depreciating assets

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Small business entities using the simplified depreciation rules - do not complete this item.

    Did you stop holding or using any intangible depreciating assets in
    2011-12?

    No

    Go to P18 Termination value of other depreciating assets.

    Yes

    Read on.

    You need to know

    Do not show at this item any consideration you received during the income year in relation to in-house software for which you have allocated expenditure to a software- development pool.

    For more information on termination value, in-house software and software development pools, see Guide to depreciating assets 2012.

    See P15 Intangible depreciating assets first deducted for more information about intangible depreciating assets.

    Include the termination values for intangible depreciating assets (including intangible assets allocated to a low-value pool) that you stopped holding or using during the year - for example, assets you sold, or that were lost or destroyed.

    Generally, the termination value is the amount you received or are deemed to have received for the asset that you stopped holding or using. It includes the market value of any non-cash benefits, such as goods and services, you received for the asset.

    Completing this item

    Step 1   Add up any amounts you received or are deemed to have received for all intangible depreciating assets that you stopped holding or using in your business, other than:

    • assets allocated to a general small business pool or a long-life small business pool in a prior year
    • low-cost assets for which an immediate deduction has been allowed under the simplified depreciation rules
    • in-house software for which you allocated expenditure to a software development pool.

    Step 2   Write the total at D item P17 on page 4 of your schedule. Do not show cents.

    Last modified: 04 Mar 2016QC 25649