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  • Completing the Capital allowances schedule 2008

    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

    Unless you are a small business entity using the simplified depreciation rules or an individual taxpayer not carrying on a business, you need to complete a Capital allowances schedule 2008 (NAT 3424) if you had more than $15,000 at any of the following labels on your tax return:

    Label

    Where label found

    Depreciation expenses (see Note)

    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

    or

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

    Label

    Where label found

    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

    Note: You do not include information in the Capital allowances schedule 2008 about depreciating assets that are subject to the simplified depreciation rules – for more information see Small business entity concessions.

    Accordingly, if you are not using the simplified depreciation rules but have previously exited the STS and are claiming a deduction in respect of an existing STS item at the Depreciation expenses label (for example, in relation to a continuing general or long life pool), you do not need to complete the schedule if the amount at the label relates entirely to existing STS items. However, if the amount relates to both existing STS items and UCA items only complete the schedule for UCA items.

    You should use Worksheet 1: Depreciating assets (PDF 63KB)sThis link will download a file and Worksheet 2: Low-value pool (PDF 63KB)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 2008, see the Capital allowances schedule instructions 2008 (NAT 4089).

    Last modified: 14 Jul 2020QC 27915