Simplified tax system (STS) taxpayers and individual taxpayers not carrying on a business do not need to complete a schedule. Other taxpayers need to answer the following questions. If you answer 'yes' to any part of the questions, you need to complete a Capital allowances schedule 2003.
Question 1: Did you have more than $15,000 at any of the following labels on your income tax return?
Label |
Where label found |
Yes or No |
---|---|---|
Depreciation expenses (see Note) |
All tax returns except fund tax return |
- |
Deduction for decline in value of depreciating assets |
Company and fund tax returns only |
- |
Low-value pool deduction |
Tax return for individuals only |
- |
Intangible depreciating assets first deducted |
All tax returns |
- |
Other depreciating assets first deducted |
All tax returns |
- |
Question 2: Did you have more than $1,000 shown at either of the following labels on your income tax return?
Label |
Where label found |
Yes or No |
---|---|---|
Deduction for project pool |
All tax returns except fund tax return |
- |
Business deduction for project pool |
Business and professional items section of tax return for individuals |
- |
- If you have exited the STS and have more than $15,000 shown at the Depreciation expenses label, you do not need to complete a Capital allowances schedule 2003.
- Do not include information in this schedule for any depreciating assets that are subject to the STS capital allowances rules – see the publication The Simplified Tax System: A guide for tax agents and small businesses (NAT 6459–6.2002) for information about the STS capital allowances rules.