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  • Capital allowances 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

    Complete and attach a Capital allowances schedule 2012 if the partnership has included an amount greater than $100,000 for depreciation expenses at K item 5.

    You do not need to complete a Capital allowances schedule 2012 if the partnership was a subsidiary member of a consolidated group or MEC group for the whole of the income year.

    Where a return is required because the partnership had one or more periods in the income year when it was not a member of a consolidated group or MEC group (a non-membership period) the partnership should complete a Capital allowances schedule 2012 for the non-membership period(s). For information about reporting multiple non-membership periods during the year, refer to the Consolidation reference manual - then select 'Part C - Detailed information' - 'C9 - Determine tax liabilities, determine obligations' - 'C9-5-110'.

    You do not need to complete a Capital allowances schedule 2012 if the partnership is a small business entity using the simplified depreciation rules.

    Assets subject to the simplified depreciation rules

    If you are no longer using the simplified depreciation rules this year, but still claiming a deduction in respect of assets subject to these rules at K item  5 (that is, assets in a continuing small business pool) you do not need to complete the schedule if the amount at the entry relates entirely to that pool. If the amount relates to both pool items and uniform capital allowance (UCA) items and exceeds $100,000, you will need to complete the schedule.

    Further information

    For more information, see Capital allowances schedule instructions 2012 (NAT 4089).

    End of further information

    Worksheets 1 and 2 in the Guide to depreciating assets 2011-12 (NAT 1996) will help you to complete the Capital allowances schedule 2012. Labels G, H, I, J and K on worksheet 1, and labels L, M, N, O, P and Q on worksheet 2, correspond to labels on the capital allowances schedule.

    Last modified: 12 Feb 2019QC 25837