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) 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).
| 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.
| 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.
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 M - First year accelerated depreciation deductions for assets using Backing business investment
Label N - Subsequent year accelerated depreciation deductions for assets using Backing business investment
Label O - Instant asset write-off deductions for non-small business entities
Label V - Are you making a choice to opt out of Backing business investment for some or all of your eligible assets?
Label W - Number of assets you are opting out for?
Label X - Value of assets you are opting out for?
