Item 47 - Capital allowances (Partnership Return)

Don't include an amount here if the partnership is a small-business entity using the simplified depreciation rules. Include those amounts at Item 48 Small business entity simplified depreciation (partnership return) labels A and B.

See item 47: Capital allowances on the ATO website.

Labels A, B and C: Depreciating assets first deducted in this income year

Label

Description

A*

Intangible depreciating assets first deducted

The amount at label A Intangible depreciating assets first deducted must reflect an amount that has been calculated for tax purposes.

B*

Other depreciating assets first deducted

C

Have you self-assessed the effective life of any of these assets?

Labels D to K: For all depreciating assets

Label	Description
D	Did you recalculate the effective life for any of your assets this income year?
E	Total adjustable values at end of income year
F*	Assessable balancing adjustments on the disposal of intangible depreciating assets
G*	Deductible balancing adjustments on the disposal of intangible depreciating assets
H*	Termination value of intangible depreciating assets
I*	Termination value of other depreciating assets
J**	Deduction for project pool
K**	Section 40-480 deduction

Worksheets available at these labels

* Labels A, B, G, H and I have access to the Tax worksheet Intangible/Tangible depreciating assets worksheet (it).

** Labels J and K have access to the Tax reconciliation worksheet (Schedule A). If you've used Schedule (A) to reconcile business income, we'll fill in labels J and K. See Schedule A Reconciliation.

Set your assets up as a group for each method:

Dimishing value
Prime cost
Assets used for primary production purposes

Then click the Integration tab and select which label to pre-fill with the calculated amount.

CCH References

7-050 Small business entities

17-000 Overview of uniform capital allowance system

17-020 Holder of asset entitled to deduction

17-270 Effective life of asset

17-280 Statutory effective life