Allowed as Deductions

If a capital loss has been incurred on disposal of an asset, incidental and current expenses which have been claimed as a tax deduction cannot be included in the cost base, and should not be recorded in the worksheet.

However, there may be other amounts which have been included in the cost of the asset, part of which may have previously been allowed to the taxpayer as a tax deduction (for example, deductions for capital expenditure on the value of a building). If at any time a part of the amount in the cost base was allowed as a tax deduction, enter the amount of that deduction here.