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  • P15 Intangible 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

    Small business entities using the simplified depreciation rules - do not complete this item.

    Did you start to deduct the decline in value of any intangible depreciating assets?


    Go to P16 Other depreciating assets first deducted.


    Read on.

    You need to know

    The following intangible assets are regarded as depreciating assets (as long as they are not trading stock):

    • certain items of intellectual property
    • computer software (or a right to use computer software) that you acquire, develop or have someone else develop for your use for the purposes for which it is designed (in-house software)
    • mining, quarrying or prospecting rights and information
    • certain indefeasible rights to use a telecommunications cable system
    • certain telecommunications site access rights
    • spectrum licences
    • datacasting transmitter licences.

    A depreciating asset that you hold starts to decline in value from the time you use it or install it ready for use for any purpose, including a private purpose. However, you can only claim a deduction for the decline in value to the extent that you use the asset for a taxable purpose, such as for producing assessable income.

    At item P15 you need to show the cost of all intangible depreciating assets for which you are claiming a business deduction for decline in value for the first time. If you have allocated any intangible depreciating assets with a cost of less than $1,000 to a low-value pool for the income year, you also need to include the cost of those assets at item P15. Do not reduce the cost for estimated non-taxable use.

    Expenditure on in-house software that you allocated to a software development pool is not shown at item P15.

    For more information on decline in value, cost, low-value pools, in-house software and software development pools, see Guide to depreciating assets 2012.

    Completing this item

    Step 1   Add up the costs.

    Step 2   Write the total at I item P15 on page 4 of your schedule. Do not show cents.

      Last modified: 04 Mar 2016QC 25649