For each depreciating asset for which you first claimed a deduction for decline in value in this income year, you must either:
- adopt the effective life as determined by the Commissioner of Taxation in Taxation Ruling IT 2685-Income tax: depreciation or Taxation Ruling TR 2000/18-Income tax: depreciation effective life, or
- estimate its effective life yourself (self-assessed effective life).
Label D
If you have adopted the Commissioner's effective life determination for all your depreciating assets included at A, B or C, print N for no at D. Go to part B of this schedule.
Print Y for yes at D if you have self-assessed the effective life of any of your depreciating assets included at A, B or C. You will now need to complete E and/or F.
Label E
Write at E the total cost of all your depreciating assets (excluding motor vehicles) for which you:
- self-assessed the effective life
- first claimed a deduction for decline in value in this income year.
Label F
Write at F the total cost of all your motor vehicles for which you:
- self-assessed the effective life
- first claimed a deduction for decline in value in this income year.