• Item 1 - Information from depreciating assets worksheet

    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

    The depreciating assets worksheet from the publication Guide to depreciating assets has been reproduced here. The letters G, H, I, J and K on the worksheet correspond to G, H, I, J and K on the Capital allowances schedule 2002. Transfer the amounts directly from the worksheet to the corresponding labels on the schedule.

    In some cases you may need to use 2 worksheets-for example, if you have both primary production and non-primary production assets. Add up the amounts from both worksheets and transfer the totals to the corresponding labels on the schedule.

    For more information on any of the terms referred to in this part, see the Guide to depreciating assets.

    Label G

    Write at G the total assessable income from balancing adjustment events occurring for depreciating assets. You may have this type of assessable income if you disposed of a depreciating asset for more than its adjustable value. The total assessable income from balancing adjustment events is the amount at G on the depreciating assets worksheet. If you do not have any balancing adjustment events for depreciating assets in this income year, leave this label blank.

    Label H

    Write at H the total deductible amount from balancing adjustment events occurring for depreciating assets. You may be able to claim this type of deduction if you disposed of a depreciating asset for less than its adjustable value. The total deduction is the amount at H on the depreciating assets worksheet. If you do not have any balancing adjustment events for depreciating assets in this income year, leave this label blank.

    Label I

    Write at I the total amount of your deductions for decline in value calculated using the prime cost method. This amount can be found at I on the depreciating assets worksheet. If you have not calculated any of your deductions for decline in value using the prime cost method, leave this label blank.

    Label J

    Write at J the total amount of your deductions for decline in value calculated using the diminishing value method. This amount can be found at J on the depreciating assets worksheet. If you have not calculated any of your deductions for decline in value using the diminishing value method, leave this label blank.

    Label K

    Write at K the total adjustable value of all your depreciating assets as at the end of the income year. This amount can be found at K on the depreciating assets worksheet.

    Last modified: 21 Oct 2002QC 27435