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  • Completing the capital allowances schedule 2011

    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
    Attention

    Individual taxpayers

    You do not need to complete a Capital allowances schedule 2011 (NAT 3424). The requirement to complete a schedule has been removed for individual tax returns from 2010 onwards.

    End of attention

    Unless you are a small business entity using the simplified depreciation rules or an individual taxpayer, you need to complete a Capital allowances schedule 2011 (NAT 3424) if you had more than $100,000 at any of the following labels on your tax return:

    Label

    Where label found

    Depreciation expenses (see note below)

    Company, partnership and trust tax returns only

    Deduction for decline in value of depreciating assets

    Company, fund and self-managed superannuation fund returns only
    Attention

    Note

    You do not include information in the Capital allowances schedule 2011 about depreciating assets that are subject to the simplified depreciation rules; for more information see Concessions for small business entities.

    If the claim for a deduction relates to both existing small business items and UCA items, only complete the schedule for the UCA items.

    End of attention

    You should use worksheet 1: Depreciating assets and worksheet 2: Low-value pool to help you complete your income tax return and the schedule.

    For more information about the Capital allowances schedule 2011, see the Capital allowances schedule instructions 2011 (NAT 4089).

    For more information about the Capital allowances schedule 2011, see the Capital allowances schedule instructions 2011(NAT 4089).
      Last modified: 27 Jun 2012QC 27256