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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, see Worksheet 1 – Depreciation (PDF, 49KB)This link will download a file. 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

    Effective life in years given in 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: 13 Feb 2020QC 27380