Do you need to complete a Capital allowances schedule 2003?

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

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

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.
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