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Do you need to complete a Capital allowances schedule 2003?

Last updated 30 June 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?

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.

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