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  • Do you need to complete a Depreciation schedule 2001?

    If you would prefer to read this document in portable document format (pdf), download the Depreciation schedule and instructions here.

    You do not need to complete a Depreciation schedule 2001 if you are a small business taxpayer as defined in the Guide to Depreciation.

    Caution

    The Depreciation schedule provided here is for information purposes only. If you are required to lodge a paper schedule this must be on approved ATO stationery.

    Photocopies, ELS paper schedules and copies of schedules downloaded from the ATO website are not approved ATO stationery and cannot be processed by our systems.

    Tax practitioners can order approved ATO stationery through the ATO Publication Ordering Service.

    Other users can order a paper copy of this and other Australian Taxation Office (ATO) publications, by ringing our Publications Distribution Service. From July until the end of October, this service operates from 8 a.m. to at least 10 p.m. on weekdays and from 10 a.m. to 5 p.m. on weekends - Australian Eastern Standard Time. From November to June, this service operates from 8.00 a.m. to 7.00 p.m., Monday to Friday.

    This distribution service is not run by ATO staff. Your tax questions cannot be answered on this number. Ring the Publications Distribution Service on 1300 720 092 for the cost of a local call.

    If you are not a small business taxpayer within the definition in the Guide to depreciation and have included an amount of more than $1000 at either of these labels-depreciation expenses and depreciation deducted-on a 2001 tax return or on the 2001 business and professional items schedule, you are required to complete and attach a Depreciation schedule 2001 to your 2001 income tax return.

    What you may need:

    General information

    The Depreciation schedule 2001 has three separate components:

    1. At the top of the schedule include your:
      • tax file number
      • entity's name
      • Australian Business Number and
      • signature as prescribed in tax return.
       
    2. Part A requires information only on depreciable assets, other than buildings, first depreciated in this income year. If you did not complete the Depreciable assets purchased label on your tax return or on the 2001 business and professional items schedule you do not need to complete part A of this schedule. Go directly to part B.
    3. Part B requires information on all your depreciable assets.

    Part A-Depreciable assets purchased in the 2000-01 income year

    Notes

    1

    The sum of labels A , B , and C should equal the Depreciable assets purchased label on your tax return or on the 2001 business and professional items schedule instructions. This includes only the assets you begin to depreciate for this income year. Assets you acquired this year but did not begin to depreciate for this year are not included. You will include them in the year you begin to depreciate them.

    2

    The cost for depreciation purposes of assets included in the Depreciable assets purchased label may differ from their purchase price. See the relevant tax return form instructions for more details.

    Item 1

    Depreciable assets (excluding motor vehicles)
    Assets each costing less than $1000

    Label A

    Write at A the total cost for depreciation purposes of all your depreciable assets (other than motor vehicles) costing less than $1000 each, which were first depreciated during this income year.

    Item 2

    Depreciable assets (excluding motor vehicles)
    Assets each costing $1000 or more

    Label B

    Write at B the total cost for depreciation purposes of all your depreciable assets (other than motor vehicles) costing $1000 or more each, which were first depreciated during this income year.

    Item 3

    Motor vehicles

    Label C

    Write at C the total cost for depreciation purposes of motor vehicles which were first depreciated during this income year.

    Item 4

    Self-assessed effective life

    For each depreciable asset you begin to depreciate in this income year you must have adopted either the effective life as determined by the Commissioner of Taxation in Taxation Ruling IT 2685-Income tax: depreciation or Taxation Ruling TR 2000/18-Income tax: depreciation effective life, or estimated its effective life yourself (self-assessed). The Guide to Depreciation explains the options available to calculate effective life.

    Label D

    Write at D, Y (for yes) if you have self-assessed the effective life of any of your depreciable assets shown at A , B or C , first depreciated this income year. If you answered Y (for yes) at D , you will need to complete E and/or F .If you have adopted the Commissioner's effective life determination for all your depreciable assets first depreciated this income year write at D, N (for no). Go to part B of this schedule.

    Label E

    Write at E the total cost for depreciation purposes of all your depreciable assets (excluding motor vehicles) where you have:

    • self-assessed the effective life of these assets and
    • first depreciated them in this income year.

    Label F

    Write at F the total cost for depreciation purposes of all your motor vehicles where you have:

    • self-assessed the effective life of these motor vehicles and
    • first depreciated them in this income year.

    Part B-For all depreciable assets

    Item 1

    Information from depreciation worksheet

    The Depreciation worksheets from the publication Guide to Depreciation can be downloaded here. The letters G, H, I, J, and K on the worksheet correspond to G, H, I, J and K on the Depreciation schedule 2001. In some cases you may have to use 2 worksheets for example, if you have both primary production and non-primary production depreciation. Transfer the amounts directly from the worksheet (or worksheets) to the relevant label on the schedule.

    Label G

    Write at G the total assessable income from balancing adjustments on disposal of depreciable assets. This amount can be found at G on the Depreciation worksheet (Worksheet 1). If you have not disposed of any depreciable assets in this income year leave this label blank.

    Label H

    Write at H the total deductible amount from balancing adjustments on disposal of depreciable assets. This amount can be found at H on the Depreciation worksheet (Worksheet 1). If you have not disposed of any depreciable assets in this income year leave this label blank.

    Label I

    Write at I the amount of your depreciation deduction calculated by using the prime cost method. This amount can be found at I on the Depreciation worksheet (Worksheet 1). If you have not calculated any of your depreciation deductions using the prime cost method leave this label blank.

    Label J

    Write at J the amount of your depreciation deduction calculated by using the diminishing value method. This amount can be found at J on the Depreciation worksheet (Worksheet 1). If you have not calculated any of your depreciation deductions using the diminishing value method leave this label blank.

    Label K

    Write at K the total closing tax written down value of all your depreciable assets. This amount can be found at K on the Depreciation worksheet (Worksheet 1).

    Item 2

    Are you eligible for the small business interim depreciation measures?

    Pending the introduction of the Simplified Tax System due to take effect from 1 July 2001, interim depreciation measures apply to small business taxpayers who satisfy certain conditions. For these taxpayers, the accelerated depreciation regime has been retained as one of the interim depreciation measures for assets acquired after 11.45 a.m. [by legal time in the Australian Capital Territory (ACT)] on 21 September 1999. The definition of a small business taxpayer and the conditions that have to be satisfied are contained in the Guide to Depreciation

    Label L

    Write at L, Y (for yes) if you are eligible for the small business interim depreciation measures to go to M.

    If you are not eligible for the small business interim depreciation measures, write at L, N (for no) and then go to item 3.

    Label O

    Write at O , the total undeducted cost for depreciation purposes of all your low-value depreciated assets allocated to the low-value pool in this income year. This amount can be found at O on the Low-value pool worksheet (Worksheet 2).

    Label P

    Write at P , the closing balance of the low-value pool. For this opening year, this amount is equal to the sum of N and O less any depreciation claimed on these amounts and less any disposal proceeds of pooled assets. This amount can be found at P on the Low-value pool worksheet (Worksheet 2).

    Item 4

    New effective life

    You have the option to work out a new effective life for assets you have already begun to depreciate in a previous income year if you conclude that the effective life you have been using is no longer accurate because of changed circumstances. The Guide to Depreciation explains how you do this and contains examples of changed circumstances.

    Note: Small business taxpayers using accelerated depreciation rates for their depreciable assets are not entitled to work out a new effective life for those assets.

    Label Q

    Write at Q , Y (for yes) if you have worked out a new effective life for any of your depreciable assets acquired since 11.45 a.m. on 21 September 1999. If you answered Y (for yes) at Q , you will need to complete R and/or S .If you have not worked out a new effective life for any of your depreciable assets acquired since that time (or if you have not acquired any depreciable assets since that time), writeN (for no) at Q .

    You are not required to complete the remainder of this schedule. Ensure that you have completed the identification fields at the top of this schedule and that you have signed it.

    Label R

    Write at R the total opening undeducted cost of any depreciable assets (excluding motor vehicles) acquired since 11.45 a.m. on 21 September 1999 for which you have worked out a new effective life.

    Label S

    Write at S the total opening undeducted cost of any motorvehicles acquired since 11.45 a.m. on 21 September 1999 for which you have worked out a new effective life.

    You have now completed this schedule. Ensure that you have completed the identification fields at the top of this schedule and that you have signed it.

    Last modified: 19 Jun 2003QC 27377