Individual taxpayers
You do not need to complete a Capital allowances schedule 2011 (NAT 3424). The requirement to complete a schedule has been removed for individual tax returns from 2010 onwards.
End of attentionUnless you are a small business entity using the simplified depreciation rules or an individual taxpayer, you need to complete a Capital allowances schedule 2011 (NAT 3424) if you had more than $100,000 at any of the following labels on your tax return:
Label |
Where label found |
Depreciation expenses (see note below) |
Company, partnership and trust tax returns only |
Deduction for decline in value of depreciating assets |
Company, fund and self-managed superannuation fund returns only |
Note
You do not include information in the Capital allowances schedule 2011 about depreciating assets that are subject to the simplified depreciation rules; for more information see Concessions for small business entities.
If the claim for a deduction relates to both existing small business items and UCA items, only complete the schedule for the UCA items.
End of attentionYou should use worksheet 1: Depreciating assets and worksheet 2: Low-value pool to help you complete your income tax return and the schedule.
For more information about the Capital allowances schedule 2011, see the Capital allowances schedule instructions 2011(NAT 4089). |