Item 49 - Capital allowances (Partnership Return) 2023

Don't include an amount here if the partnership is a small business entity using the simplified depreciation rules. Include those amounts at Item 50 Small business entity simplified depreciation (partnership return) 2023 labels A and B.

Labels A, B and C: Depreciating assets first deducted in this income year

Labels A, B, G, H and I have access to the Tax worksheet Intangible/Tangible depreciating assets worksheet (it) 2023.

Label

Description

A*

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?

Labels D to K: For all depreciating assets

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 2023.

Label	Description
D	Did you recalculate the effective life for any of your assets this income year?
E	Total adjustable values at end of income year
F*	Assessable balancing adjustments on the disposal of intangible depreciating assets
G*	Deductible balancing adjustments on the disposal of intangible depreciating assets
H*	Termination value of intangible depreciating assets
I*	Termination value of other depreciating assets
J**	Deduction for project pool
K**	Section 40-480 deduction

Temporary full expensing labels

Label P - Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets?

Complete this label if you want to opt out of the temporary full expensing incentive.

A - Some eligible assets = Opt out of some eligible assets
B - All eligible assets = Opt out of all eligible assets.

See opt out on the ATO's website.

Label Q - Number of assets you are opting out for

Enter the number of assets you want to opt out of temporary full expensing

Label R - Value of assets you are opting out for

the value of the assets you want to opt out of temporary full expensing

Label S - Temporary full expensing deductions

Enter the value of the deduction you want to claim.

See eligible assets on the ATO's website.

Label T - Number of assets you are claiming for

Enter the number of assets you're claiming the temporary full expensing for.