Completing the capital allowances schedule 2005

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

Unless you are an STS taxpayer or an individual taxpayer not carrying on a business, you need to complete a Capital allowances schedule 2005  (NAT 3424-6.2005) if you had more than $15,000 at any of the following labels on your income tax return:

OR

more than $75,000 shown at either of the following labels:

OR

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

Note

You do not include information in the Capital allowances schedule 2005  about depreciating assets that are subject to the STS capital allowances rules (see The simplified tax system - a guide for tax agents and small businesses for information about the STS capital allowances rules).

Accordingly, if you are exiting the STS or have previously exited the STS and are claiming a deduction in respect of an STS item at the Depreciation expenses label (for example, in relation to a continuing STS pool), you do not need to complete the schedule if the amount

at the label relates entirely to STS items. However, if the amount relates to both STS items and UCA items you will need to complete the schedule but, in doing so, assets subject to the STS rules are to be disregarded.

You should use Worksheet 1 - depreciating assets (PDF 35.3KB)This link will download a file and Worksheet 2 - low-value pool (PDF 36.8KB)This link will download a file to help you complete your income tax return and the schedule.

• For more information about the Capital allowances schedule 2005, see the Capital allowances schedule 2005 (NAT 3424-6.2005).