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Completing the capital allowances schedule 2005

Last updated 7 April 2020

Unless you are an STS taxpayer or an individual taxpayer not carrying on a business, you need to complete a Capital allowances schedule 2005  (NAT 3424-6.2005) if you had more than $15,000 at any of the following labels on your income tax return:

Label

Where label found

Depreciation expenses
(see note below)

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

OR

more than $75,000 shown at either of the following labels:

Label

Where label found

Intangible depreciating assets first deducted

All tax returns

Other depreciating assets first deducted

All tax returns

OR

more than $1,000 shown at either of the following labels:

Label

Where label found

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 the Capital allowances schedule 2005  about depreciating assets that are subject to the STS capital allowances rules (see The simplified tax system - a guide for tax agents and small businesses 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. However, 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.

You should use Worksheet 1 - depreciating assets (PDF 35.3KB)This link will download a file and Worksheet 2 - low-value pool (PDF 36.8KB)This link will download a file to help you complete your income tax return and the schedule.

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