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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

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
CHave you self-assessed the effective life of any of these assets?
Labels D to K: For all depreciating assets
DDid you recalculate the effective life for any of your assets this income year?
ETotal adjustable values at end of income year

Assessable balancing adjustments on the disposal of intangible depreciating assets


Deductible balancing adjustments on the disposal of intangible depreciating assets


Termination value of intangible depreciating assets


Termination value of other depreciating assets


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

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