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 |
- 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).
- 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).