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This worksheet can be used with the form types: I; C; P and T, for recording purposes only. This worksheet will not be lodged with the return.

Small business taxpayers are not required to complete any of these items.

The values integrate to the main returns at:

  • Intangible depreciating assets first deducted,

  • Other depreciating assets first deducted,

  • Termination value of intangible depreciating assets, and

  • Termination value of other depreciating assets.

Intangible depreciating assets first deducted: This item shows the cost of all intangible depreciating assets for which the taxpayer is claiming a deduction for decline in value for the first time. Intangible depreciating assets 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)

The Depreciation worksheet will integrate to this item to show the cost of all items allocated to a software development pool, or any asset where the type selected was Intangible, and the start date for decline in value was in the current tax year.

Other depreciating assets first deducted: This item shows the cost of all depreciating assets for which a decline in value is being claimed for the first time, excluding intangible assets.

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

Termination value of intangible depreciating assets: This item shows the termination value for all intangible depreciating assets where a balancing adjustment event occurred in the current year. 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.

The Depreciation worksheet will integrate to this item to show any asset where the type selected was Intangible, and for which the disposal date was in the current tax year.

Termination value of other depreciating assets: This item shows the termination value for all tangible depreciating assets where a balancing adjustment event occurred in the current year.

The Depreciation worksheet will integrate to this item with the cost of all assets where the type selected was 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).