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  • Do you need to complete a capital allowances schedule 2004?

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    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 questions below. If you answer 'yes' to any part of the questions, you need to complete a Capital allowances schedule 2004 (NAT 3424 - 6.2004, PDF 105KB)This link will download a file.

    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

    -

    Question 2: Did you have more than $75,000 at either of the following labels on your income tax return?

    Label

    Where label found

    Yes or No

    Intangible depreciating assets first deducted

    All tax returns

    -

    Other depreciating assets first deducted

    All tax returns

    -

    Question 3: 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

    -

    Note:

    You do not include information in this schedule about 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 - 5.2004) for information about the STS capital allowances rules.

    Accordingly, if you are exiting the STS or have previously exited the STS and are claiming a deduction in respect of an STS item at the Depreciation expenses label (for example, in relation to a continuing STS pool), you do not need to complete the schedule if the amount at the label relates entirely to STS items. If the amount relates to both STS items and UCA items, you will need to complete the schedule but, in doing so, assets subject to the STS rules are to be disregarded.

    Last modified: 23 Jun 2005QC 27545