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  • 49 Termination value of other depreciating assets

    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

    If the partnership is a small business entity using the simplified depreciation rules, do not include an amount at this entry.

    Show at W the termination value of each balancing adjustment event occurring for depreciating assets, including assets allocated to a low-value pool.

    Do not show at W any consideration received during the income year for:

    • depreciating assets allocated in a prior year to a general small business pool or long-life small business pool
    • intangible depreciating assets
    • buildings or structures for which a deduction is available under the capital works provisions
    • assets used in research and development (R&D) activities, or
    • assets falling within the provisions relating to investments in Australian films.

    A balancing adjustment event occurs if the partnership stops holding or using a depreciating asset or decides not to use it in the future - for example, assets sold, lost or destroyed. Generally, the termination value is the amount the partnership receives or is deemed to receive for the balancing adjustment event. It includes the market value of any non-cash benefits, such as goods and services the partnership receives for the asset.

    Further information

    For more information on balancing adjustment events and termination value, see the Guide to depreciating assets 2011-12.

    End of further information
    Last modified: 06 Sep 2012QC 25837