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  • Part B - For all depreciable assets

    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

    Item 1 Information from depreciation worksheet

    The Depreciation worksheets from the publication Guide to depreciation can be downloaded, see Worksheet 1 – Depreciation (PDF, 49.5KB)This link will download a file. 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), write N (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 motor vehicles 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