Item 48 - 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 49 - 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
| 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).
CCH References
16-156 Write-off for “blackhole” business capital expenditure
17-015 Depreciating assets
17-040 Plant subject to capital allowances
17-080 Cost as initial basis for calculating decline in value
17-270 Effective life of asset
17-280 Statutory effective life
17-480 Choice of method to calculate decline in value
17-640 Termination value of depreciating assets
18-080 Water facilities
18-100 Landcare operations
19-050 Deduction for pooled project expenditure