Completing the Capital allowances schedule 2003

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This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

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

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:

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).

Last modified: 01 Jun 2005QC 27453