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Item P16 - Other depreciating assets first deducted

See Item P16 - Other depreciating assets first deducted on the ATO website. You may then need to expand the list in the left-hand panel, and click the link to P16.

Small Business entities using the simplified depreciation rules - do NOT complete this item.
Label J - Other depreciating assets first deducted

Click label J to open the worksheet (it) which provides access to the Depreciation worksheet. Refer to Intangible/Tangible depreciating assets worksheet (it).

The Depreciation worksheet (d) will integrate the cost of all assets where the type selected is Motor vehicle, Exploration\Prospecting tangible, Personal use, Collectable, or Other tangible asset, the start date for decline in value is in the current tax year and integration is selected. This is for all assets whether allocated or not allocated to a low-value pool. Refer to Depreciation worksheet (d).

An amount of net PP or non-PP business income must be present, if any amount is present at item P16 - Other depreciating assets first deducted.

CCH References

17-015 Depreciating assets

17-270 Effective life of asset

17-280 Statutory effective life

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