Did you start to deduct the decline in value of any intangible depreciating assets?
Stop: If you are eligible to enter or continue in the STS and you have chosen to do so at item S1, do not complete this item.
No |
Go to item P16. |
Yes |
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
- 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, refer to the publication Guide to depreciating assets 2003–04 (NAT 1996–6.2004).
Step 1 |
Total the costs. |
|---|---|
Step 2 |
Write this amount at I item P15 on your schedule. Do not show cents. |
P15 Amounts exceeding $75,000
If you have included an amount of more than $75,000 at item P15, you need to complete and attach a Capital allowances schedule 2004. For more information, refer to the publication Capital allowances schedule 2003–04 and instructions (NAT 4089).