Small business entities using the simplified depreciation rules – do not complete this item.
Did you stop holding or using any other depreciating assets in 2007–08?
No |
Go to item P19 Trading stock election. |
|---|---|
Yes |
Read on. |
You need to know
At item P18 you include the termination values for other depreciating assets – including assets allocated to a low-value pool – that you stopped holding or using during the income year (for example, assets sold, lost or destroyed).
Generally, the termination value is the amount you received or are deemed to have received in relation to the asset that you stopped holding or using. It includes the market value of any non-cash benefits such as goods and services you received for the asset.
For more information on termination value, see the Guide to depreciating assets 2008.
Completing this item
Step 1 Add up the amounts you received or are deemed to have received for all depreciating assets that you stopped holding or using in your business other than:
- intangible depreciating assets
- assets allocated to a general STS pool or a long-life STS pool in a prior year
- low-cost assets for which an immediate deduction has been allowed under the simplified depreciation rules
- buildings or structures for which a deduction is available under the capital works provisions, and
- assets falling within the provisions relating to investments in Australian films.
Step 2 Write the total at K item P18 on page 4 of your schedule. Do not show cents.