Depreciating assets first deducted in this income year (Labels A & B)
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 |
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.
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.
Backing business investment - accelerated depreciation labels
Label V - Are you making a choice to opt out of Backing business investment for some or all of your eligible assets?
Select the option if you are opting out of all or some of the assets.
Label W - Number of assets you are opting out for?
Enter the number of assets you want to opt out.
Label X - Value of assets you are opting out for?
Enter the value of the assets you're opting out of.
Label M - First year accelerated depreciation deductions for assets using Backing business investment
Label O - Instant asset write-off deductions for non-small business entities
Label C - Have you self-assessed the effective life of any of these assets?
For all depreciating assets
Labels D, E, F, G, H, I, J, K and L
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) 2023.
Labels J and K provide the Tax worksheet Schedule A Reconciliation 2023.
Label L provides the Tax worksheet Landcare and water facility tax offset (lcr) 2023Landcare and water facility tax offset (lcr) 2023.
| 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 |
