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Completing the Capital allowances schedule 2003

Last updated 31 May 2005

Unless you are an STS taxpayer or an individual taxpayer not carrying on a business, you need to complete a Capital allowances schedule 2003 (NAT 3424-6.2003) if you had more than $15,000 at any of the following labels on your income tax return:

Label

Where label found

Depreciation expenses (see note 1)

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

OR

more than $1,000 shown at either of the following labels:

Label

Where label found

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

Notes:

  1. If you have exited the STS and have more than $15,000 shown at this label, you do not need to complete a Capital allowances schedule 2003 (NAT 3424-6.2003).
  2. You do not include information in the schedule about 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.

You should use Worksheet 1-depreciating assets and Worksheet 2-low-value pool to help you complete your income tax return and the schedule. Download the worksheets (PDF 48KB)This link will download a file.

For more information about the Capital allowances schedule 2003, see the Capital allowances schedule instructions (NAT 4089-6.2003).

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