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  • 47 Other depreciating assets first deducted



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    If the partnership is a small business entity using the simplified depreciation rules, do not include an amount at this entry.

    A depreciating asset the partnership holds starts to decline in value from the time the partnership uses it (or installs it ready for use) for any purpose. However, the partnership can only claim a deduction for the decline in value to the extent it uses the asset for a taxable purpose, such as for producing assessable income.

    Show at U the cost of all depreciating assets (other than intangible depreciating assets) for which the partnership is claiming a deduction for the decline in value for the first time. If any assets (other than intangible depreciating assets) costing less than $1,000 have been allocated to a low-value pool for the income year, also include the cost of those assets at U - do not reduce the cost for any estimated non-taxable use.

    Further information

    For information on decline in value, cost and low-value pools, see the Guide to depreciating assets 2011-12.

    End of further information
    Last modified: 12 Feb 2019QC 25837