Intangible/Tangible depreciating assets worksheet (it)

This is a worksheet only and is not lodged to the ATO.

Labels that are not covered by the it worksheet and which you must complete manually, are:

• 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?
• F: Total adjustable values at the end of the income year.
• J: Total mining capital expenditure and/or transport capital that you allocated to a project pool and for which you can claim a deduction this income year. 

You can use the it worksheet for these income tax returns:

• Companies
• Individuals
• Partnerships
• Trusts.

If you use the Depreciation worksheet (d) we'll add up the amounts for all depreciating assets and pass them to the relevant items in the relevant returns for:

• Intangible depreciating assets first deducted,

• Other depreciating assets first deducted,

• Termination value of intangible depreciating assets, and

• Termination value of other depreciating assets.

• assessable balancing adjustments on disposal of intangible assets
• deductible balancing adjustments on disposal of intangible assets

If you don't use the depreciation worksheet (d) there is a set of open fields for you to enter values or an adjustment value, well pass those values to the relevant labels in the main return.

Intangible depreciating assets first deducted in this income year

Label A: Intangible depreciating assets first deducted:

include any item with a type of Intangible whether allocated or not allocated to a low-value pool, and any amount allocated to a software development pool (even though a deduction may not have been claimed in the current year).

When you close the worksheet, the total is passed to the Capital Allowances item, label A in the main return.

Label B: Other depreciating assets first deducted:

Include the cost of all depreciating assets for which a decline in value is being claimed for the first time, excluding intangible assets.

This is for all assets whether allocated or not allocated to a low-value pool.

When you close the worksheet, the total is passed to the Capital Allowances item, label B in the main return.

For all depreciating assets

Label H: Termination value of intangible depreciating assets:

Intangible depreciating assets will include any item with the type Intangible whether allocated or not allocated to a pool, and any consideration received in relation to a software development pool.

When you close the worksheet, the total is passed to the Capital Allowances item, label H in the main return.

Label I: Termination value of other depreciating assets:

This is the amount for all tangible depreciating assets where a balancing adjustment event occurred in the current year.

This includes Motor vehicle, Exploration\Prospecting tangible, Personal use, Collectable, or Other tangible asset, the disposal date for which was in the current tax year. This is for all assets whether or not they were allocated to a low-value pool (LVP).

When you close the worksheet, the total is passed to the Capital Allowances item, label I in the main return.

Label F: Assessable balancing adjustments on disposal of intangible assets:

If you disposed of an intangible depreciating asset for more than its adjustable value during the current income year, that amount must be shown at label F

If the company has allocated any assets with a cost of less than $1,000 to a low-value pool for the income year, do not include the assessable balancing adjustments for these assets at label F.

Label G: Deductible balancing adjustments on disposal of intangible assets:

If you disposed of an intangible depreciating asset for less than its adjustable value during the current income year, that amount must be shown at label G

If you have allocated any assets with a cost of less than $1,000 to a low-value pool for the income year, do not include the assessable balancing adjustments for these assets at G.

For entities connected with mining operations, exploration or prospecting

Label K: Total deduction for decline in value of intangible depreciating assets used in exploration or prospecting.

Include at label K the total of your deductions for decline in value of intangible depreciating assets used in exploration or prospecting.

Label L: Total deduction for decline in value of other depreciating assets used in exploration or prospecting.

Include at label L the total of your deductions for decline in value of other depreciating assets used in exploration or prospecting.