• Do you need to complete a Capital allowances schedule 2003?

    Simplified tax system (STS) taxpayers and individual taxpayers not carrying on a business do not need to complete a schedule. Other taxpayers need to answer the following questions. If you answer 'yes' to any part of the questions, you need to complete a Capital allowances schedule 2003.

    Question 1: Did you have more than $15,000 at any of the following labels on your income tax return?

    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

    Label

    Where label found

    Yes or No

    Depreciation expenses (see Note)

    All tax returns except fund tax return

     

    Deduction for decline in value of depreciating assets

    Company and fund tax returns only

     

    Low-value pool deduction

    Tax return for individuals only

     

    Intangible depreciating assets first deducted

    All tax returns

     

    Other depreciating assets first deducted

    All tax returns

     

    Question 2: Did you have more than $1,000 shown at either of the following labels on your income tax return?

    Label

    Where label found

    Yes or No

    Deduction for project pool

    All tax returns except fund tax return

     

    Business deduction for project pool

    Business and professional items section of tax return for individuals

     

    Note

    1. If you have exited the STS and have more than $15,000 shown at the Depreciation expenses label, you do not need to complete a Capital allowances schedule 2003.
    2. Do not include information in this schedule for any depreciating assets that are subject to the STS capital allowances rules -see the publication The Simplified Tax System: A guide for tax agents and small businesses (NAT 6459-6.2002) for information about the STS capital allowances rules.
    Last modified: 01 Jul 2003QC 27491