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  • P16-Other depreciating assets first deducted

    STOP

    If you are eligible to enter or continue in the STS and you have chosen to do so at item S1, do not complete this item.

    Did you start to deduct the decline in value of any other depreciating assets?

    No

    Go to item P17

    Yes

    Read on.

    You need to know

    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

    A depreciating asset that you hold starts to decline in value from the time you use it (or install it ready for use) for any purpose, including a private purpose. However, you can only claim a deduction for the decline in value to the extent you use the asset for a taxable purpose, such as for producing assessable income.

    At item P16 you need to include the cost of all depreciating assets (other than intangible depreciating assets) for which you are claiming a business deduction for the decline in value for the first time.

    If you have allocated any depreciating assets with a cost of less than $1,000 to a low-value pool for the income year, you also need to include the cost of those assets at item P16. Do not reduce the cost for estimated non-taxable use.

    For more information on decline in value, cost and low-value pools, refer to the publication Guide to depreciating assets.

    Note

    If you have included an amount of more than $15,000 at item P16, you need to complete and attach a Capital allowances schedule 2003. For more information, refer to the publication Capital allowances schedule 2003 instructions.

    Completing this item

    Step 1

    Total the costs

    Step 2

    Write the amount at J item P16 on your schedule. Do not show cents.

    Last modified: 16 Jun 2006QC 27476