47 Other depreciating assets first deducted



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End of attention

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

A depreciating asset the trust holds starts to decline in value from the time the trust uses it (or installs it ready for use) for any purpose. However, the trust 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 trust 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.

For information on decline in value, cost and low-value pools, see the Guide to depreciating assets 2012.

Last modified: 13 Aug 2014QC 28037