DEPRECIATING ASSETS SCHEDULE 2007 Basic Chapter 9 Q4
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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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Curtains |
010706 |
2800 |
- |
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6y |
33.33 |
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933 |
100% |
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933 |
1867 |
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Carpets |
010706 |
2500 |
- |
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10y |
20 |
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500 |
100% |
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500 |
2000 |
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Subtotal |
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Amount to be claimed as a
separate deduction |
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Totals |
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1433 |
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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 |
1433 |
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P.C.
rate is 100/life expectancy Asset
acquired before 10.05.06: D.V. rate is 150/life exp. Asset
acquired 10.05.06+: D.V. rate
is 200/life exp.