Notes
- 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.
- 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 $1,000
Label A
Write at A the total cost for depreciation purposes of all your depreciable assets (other than motor vehicles) costing less than $1,000 each, which were first depreciated during this income year.
Item 2 Depreciable assets (excluding motor vehicles) Assets each costing $1,000 or more
Label B
Write at B the total cost for depreciation purposes of all your depreciable assets (other than motor vehicles) costing $1,000 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.