Don't include an amount here if the partnership is a small-business entity using the simplified depreciation rules. Include those amounts at Item 49 Small business entity simplified depreciation (partnership return) labels A and B.
See item 48: Capital allowances on the ATO website.
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?|
|D||Did you recalculate the effective life for any of your assets this income year?|
|E||Total 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.