This part requires information on tangible and intangible depreciating assets for which you first claimed a deduction for decline in value in this income year. You should not include assets that are not covered by the uniform capital allowance system (UCA) or which you have not used for a taxable purpose. A taxable purpose:
- is the purpose of producing assessable income
- is the purpose of exploration or prospecting
- is the purpose of mining site rehabilitation
- includes environmental protection activities.
If you did not complete the labels Intangible depreciating assets first deducted or Other depreciating assets first deducted on your tax return or on the 2002 business and professional items schedule, you do not need to complete this part of the schedule. Go to part B.
See the Guide to depreciating assets for information about the UCA and for more information on any of the terms referred to in this part.
Note
- Do not include assets you acquired this year for which you did not claim a deduction for decline in value. You will include these assets in the year you begin to claim deductions for them.
- The amounts at A, B and C should include the cost of assets for which the UCA provides a specific treatment. For example, you should include the cost of low-cost assets that have been allocated to a low-value pool, primary production assets and assets used in exploration and prospecting.
- While expenditure on developing in-house software may not give rise to a depreciating asset when the expenditure is incurred and while any deduction for this year's expenditure allocated to a software development pool is not available until next year, the amounts at A and B should include expenditure you have allocated to a software development pool for the income year.
- The cost of an asset may not be the same as its purchase price. It may be adjusted in certain circumstances-for example, to the car limit for the income year.
- The cost shown in this part should include any amounts included in the second element of cost.