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  • Completing of the depreciation schedule

    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

    You do not need to complete a Depreciation schedule 2001 if you are a small business taxpayer as defined under Small business taxpayers.

    If you are not a small business taxpayer within the definition and you are carrying on a business and claim a deduction for depreciation of more than $1,000, you will need to complete the Depreciation schedule 2001 and attach it to your tax return.

    For a copy of the Depreciation worksheet and the Low-value pool worksheet, refer above. You should use these worksheets to help you complete your income tax return and the Depreciation schedule 2001.

    For more information about the Depreciation schedule 2001, see the Depreciation schedule 2001 instructions.

    Extracts from Taxation Ruling IT 2685 and Taxation Ruling TR 2000/18 showing changes in the effective lives of some commonly used items.

    Item

    Effective life in years given in

    IT 2685

    TR2000/18

    Air conditioners

    • ducted
     

    15

    13 1/3

    • room units
     

    10

    10

    Alarms

    20

    20

    Calculators, electronic

    10

    10

    Carpets, business premises

    5

    5

    Cash registers

    7

    6 2/3

    Chainsaws

    3

    2

    Computers

    5

    4

    Curtains and drapes

    7

    6 2/3

    Electric hand tools

    5

    5

    Electric vacuum cleaners

    10

    10

    Furniture

    15

    13 1/3

    Hot water service

    20

    20

    Libraries

    10

    10

    Lights, fluorescent

    20

    20

    Loose hand tools

    full replacement cost

    5

    Motor vehicles

    • buses
     
    • carry 9 or more
     

    7

    6 2/3

    • carry fewer than 9
     

    7

    6 2/3

    • cars
     
    • taxis
     

    4

    4

    • other
     

    7

    6 2/3

    • trucks
     
    • carry 1 tonne or more
     

    7

    6 2/3

    • carry less than 1 tonne
     

    7

    6 2/3

    Photocopiers

    10

    5

    Television sets

    10

    10

    Washing machines

    7

    6 2/3

    Houses and flats let furnished

    • blind, venetian
     

    20

    20

    • carpets
     

    10

    10

    • curtains and drapes
     

    7

    6 2/3

    • electric bed
     

    15

    13 1/3

    • electric clock
     

    15

    13 1/3

    • electric heater
     

    15

    10

    • furniture and fittings
     

    15

    13 1/3

    • garbage unit, compacting
     

    7

    6 2/3

    • hot water service
     

    20

    20

    • lawn mowers
     
    • motor
     

    7

    6 2/3

    • self propelled
     

    5

    5

    • linoleum and similar floor coverings
     

    10

    10

    • microwave ovens
     

    7

    6 2/3

    • radios
     

    10

    10

    • refrigerators
     

    15

    13 1/3

    • stoves
     

    20

    20

    • television sets
     

    10

    10

    • vacuum cleaners
     

    10

    10

    • washing machines
     

    7

    6 2/3

    Note 1: To find out which effective life you should use for a particular item of plant, refer to Effective life.

    Note 2: If you are a small business taxpayer who is eligible to use accelerated rates of depreciation, refer to one of the tables shown under the heading Depreciation calculation for plant acquired before 11.45am on 21 September 1999 or by certain small business taxpayers.

    Last modified: 07 Jan 2005QC 27380