Item 49 - Capital allowances
If the trust is a small business entity using the simplified depreciation rules, do not include an amount at this label. Include such amounts at Item 50 - Small business entity simplified depreciation labels A and B.
Refer to Capital allowances from the ATO website.
Depreciating assets first deducted in this income year labels A, B and C
Include here the cost of assets purchased for less than $30,000 each from 7.30 pm (AEDT) 2 April 2019 to 30 June 2019 for businesses with a turnover from $10 million and less than $50 million.
| Label | Description |
|---|---|
Label A | Intangible depreciating assets first deducted |
Label B | Other depreciating assets first deducted |
Label C | Have you self-assessed the effective life of any of these assets? |
All depreciating assets - Labels D, E, F, G, H, I, J, K and L
| Label | Description |
|---|---|
Label D | Did you recalculate the effective life for any of your assets this income year? |
Label E | Total adjustable values at end of income year |
Label F | Assessable balancing adjustments on the disposal of intangible depreciating assets |
Label G | Deductible balancing adjustments on the disposal of intangible depreciating assets |
Label H | Termination value of intangible depreciating assets |
Label I | Termination value of other depreciating assets |
Label J | Deduction for project pool |
Label K | Section 40-480 deduction |
The amount at label A Intangible depreciating assets first deducted must reflect an amount that has been calculated for tax purposes.
Use the Depreciation worksheet (d) to manage all the trust’s depreciating assets and integration of the correct values to the trust return. Refer to Depreciation worksheet (d).
Labels A, B, G, H and I provide the Tax worksheet Intangible/Tangible depreciating assets worksheet (it).
Labels J and K provide the Tax worksheet Schedule A Reconciliation.
Label L provides the Tax worksheet Landcare and water facility tax offset (lcr).