DEPRECIATING ASSETS SCHEDULE 2007 Basic Chapter 8 Q2
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Balancing adjustment |
Decline in value |
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Deduction |
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ASSET |
Date of acquisition |
Cost |
OAV |
Date |
Termn.
value |
Balancing adj. amounts |
Effective life |
% rate & days |
Prime cost |
Dimin.
value |
% taxable use |
Prime cost |
Dimin.
value |
CAV |
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Assess. |
Deduct. |
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Holden Commodore |
291104 |
32950 |
23829 |
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8y |
18.75 |
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4468 |
75% |
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3351 |
19361 |
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Computer |
020505 |
1600 |
939 |
151106 |
500 |
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306 |
4y |
37.5 138d |
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133 |
100% |
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133 |
- |
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Software |
190705 |
679 |
421 |
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2.5y |
40 |
272 |
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100% |
272 |
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149 |
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Laptop |
291006 |
3885 |
- |
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3y |
66.67 245d |
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1739 |
100% |
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1739 |
2146 |
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ITEM NUMBERS D1 3351
(log book or 1/3 methods) D5 133+272+1739+306
= 2450 |
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BALANCING ADJUSTMENT RELIEF 1] Involuntary disposal
(including loss/destruction) – assessable amount can be rolled over to a
replacement asset provided that it was acquired within a yr of the
involuntary disposal, and will be used for 100% taxable purpose. 2] Transfer between
related business entities – rollover relief effectively postpones the
balancing adjustment event. |
Subtotal |
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306 |
Amount to be claimed as a
separate deduction |
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Totals |
272 |
5223 |
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Less balancing adjustment relief |
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Assessable income item 22 |
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Total deduction for decline in value |
5495 |
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