Instructions for advising your choice to opt out of temporary full expensing for some or all of your eligible assets.
Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets referable to the CCIV sub-fund?
You can choose to opt out of temporary full expensing on an asset-by-asset basis in an income year and apply the other depreciation rules to that asset. You make this choice for a particular depreciating asset. Once you have made a choice, you cannot revoke it.
Select Yes or No as appropriate for your circumstances.
If you selected No, go to Withholding obligations below.
If you selected Yes, select from the following options to indicate whether you are opting out for some or all of your assets:
- Code A – Some eligible assets if you are opting out for some of your assets.
- Code B – All eligible assets if you are opting out for all of your assets.
Number of assets you are opting out for
Show the number of assets for which you made the choice to opt out of temporary full expensing.
Value of assets you are opting out for
Show the value of the assets for which you made the choice to opt out of temporary full expensing. The value is the amount you would have otherwise claimed for these assets under temporary full expensing.
Temporary full expensing deductions
Show the total amount of the deductions that you are claiming under temporary full expensing.
Ensure that the amount claimed is included at Total depreciation deducted for income year.
Number of assets you are claiming for
Show the number of assets for which you are claiming temporary full expensing.
You will not be penalised for specifying an incorrect number of assets where you have made your best attempt to determine the number of assets you are claiming for.
Have you self-assessed the effective life of any depreciating assets acquired in the income year?
Answer Yes or No as appropriate.
For more information on effective life, see Effective life of an asset or the Guide to depreciating assets 2023.
Did you recalculate the effective life for any of your depreciating assets this income year?
Answer No for this question where the period covered by the return is your first year of operation.
For more information, see Uniform capital allowance system: Changing a depreciating asset's effective life or Guide to depreciating assets 2023.
Total depreciation deducted for income year
Enter your depreciation expense deduction amount, calculated under section 40-25 of the ITAA 1997.
Include claims for temporary full expensing here.
For more information, see Uniform capital allowance system: calculating the decline in value of a depreciating asset.
Total section 40-880 deductions
Enter the total amount of the CCIV sub-fund trust’s deductions allowable under section 40-880 of the ITAA 1997.
For more information, see Claiming a tax deduction for depreciating assets and other capital expenses.
Total Division 43 capital works deductions (special building write-off)
Enter the amount of your capital works deductions allowable under Division 43 of the ITAA 1997.
For more information, see Capital works deductions.
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