Financial Position 7 Assets Depreciating Assets Adjustable Values Total Amount The total of the adjustable values of a taxpayer's depreciating assets as at the end of the income year. Inform the relevant field with the total of the adjustable values of depreciating assets the taxpayer held as at the end of this income year. Assets Depreciating Assets Cost Of Low Cost Assets Allocated To Low Value Pool Total Amount The total cost, as at the end of the income year, of all the low-cost assets allocated to a taxpayer's low-value pool. Inform the relevant field with the total cost, as at the end of the income year, of all the low-cost assets allocated to a tax payer's low-value pool this income year. Show the cost before any adjustment for taxable use percentage. Assets Depreciating Assets Intangible Termination Value Amount The total of the termination values of intangible depreciating assets for which a balancing adjustment event occurred in the income year, including intangible depreciating assets that are allocated to a low-value pool. Inform the relevant field with the amount of the total of the termination value of each intangible depreciating asset to which the Uniform Capital Allowances (UCA) rules apply (including assets allocated to a low-value pool) for which a balancing adjustment event occurred in the income year. If the company is using the small business entity simplified depreciation rules, do not include an amount at this label. Do not include any termination value in relation to in-house software for which the Company has allocated expenditure to a software development pool. A balancing adjustment event occurs if the Company stops holding or using a depreciating asset or decides not to use it in the future ? for example, assets sold. Generally, the termination value is the amount the Company received or is deemed to have received in relation to the balancing adjustment event. It also includes the market value of any non-cash benefits, such as goods and services, that the Company receives for the asset. For more information on balancing adjustment events, termination value, in-house software and software development pools, see the Tax Office publication Guide to depreciating assets. Assets Depreciating Assets Other Termination Value Amount The total of the termination values of depreciating assets for which a balancing adjustment event occurred in the income year, excluding intangible depreciating assets, and including assets that are allocated to a low-value pool. Inform the relevant field with the amount of termination value of other depreciating assets. If the Company is using the small business entity simplified depreciation rules, do not include an amount at this label. Otherwise, this is the total of the termination value of each depreciating asset (including assets allocated to a low-value pool), other than intangible depreciating assets, for which a balancing adjustment event occurred in the income year. Do not include buildings or structures for which a deduction is available under the capital works provisions, assets used in R&D activities that are subject to the R&D tax concession, and assets falling within the provisions relating to investments in Australian films. A balancing adjustment event occurs if the Company stops holding or using a depreciating asset or decides not to use it in the future ? for example, assets were sold, lost or destroyed. Generally, the termination value is the amount the Company received or is deemed to have received in relation to the balancing adjustment event. It also includes the market value of any non-cash benefits, such as goods and services, that the company received for the asset. For more information on balancing adjustment events and termination value, see the Tax Office publication Company tax return instructions. Assets Depreciating Assets Second Element Of Cost Allocated To Low Value Pool Total Amount The total of any amounts included in the second element costs of assets in a taxpayer's low-value pool at the start of the income year, and of low-value assets added to the pool in the income year. Inform the relevant field with the total of any amounts included in the second element of cost of assets in the low-value pool at the start of this income year and of low-value assets added to the pool in this income year. Amounts spent on improving an asset are an example of a second element of cost. Show the second element of cost total before any adjustment for taxable use percentage. Assets Depreciating Assets Termination Values Of Assets In Low Value Pool For Balancing Adjustment Event Total Amount The total termination values of assets in the low-value pool for which a balancing adjustment event occurred. Inform the relevant field with the total of the termination values of assets in the taxpayer's low-value pool for which a balancing adjustment event occurred in the income year. Generally, the termination value is what you receive or are taken to have received for the asset as a result of a balancing adjustment event, such as the proceeds from selling the asset. Show the total termination value before any adjustment for taxable use percentage. Assets Inventories Valuation Method Code Valuation method codes of Closing stock action Inform the relevant field with the appropriate closing stock action code. One of the following codes should be used: C - Cost M - Market selling value R - Replacement value If this is the company?s first year in business, the value of its closing stock will be zero and therefore a code of C should be used. Otherwise this should be blank. Assets Property Plant And Equipment Depreciating Assets Adjustable Values Of Low Value Assets Allocated To Low Value Pool Total Amount The total of the opening adjustable values of all low-value assets allocated to a taxpayer's low-value pool in the income year. Inform the relevant field with the total of the opening adjustable values of all low-value assets allocated to the taxpayer's low-value pool in this income year. Assets Property Plant And Equipment Depreciating Assets Closing Pool Values Total Amount The total closing pool value of all of a taxpayer's project pools for the previous income year. Inform the relevant field with the total closing pool value of all of a taxpayer's project pools for the previous income year. Assets Property Plant And Equipment Depreciating Assets Effective Life Adjustable Values Excluding Motor Vehicles Recalculated Total Amount The total opening adjustable value of any depreciating assets, excluding motor vehicles, for which the taxpayer recalculated the effective life in the income year. Inform the relevant field with the total opening adjustable value of any depreciating assets, excluding motor vehicles, whose effective life was recalculated this income year. Assets Property Plant And Equipment Depreciating Assets Effective Life Adjustable Values Motor Vehicles Recalculated Total Amount The total opening adjustable value of any motor vehicles for which the taxpayer has recalculated the effective life in the income year. Inform the relevant field with the total opening adjustable value of any motor vehicles for which the effective life was recalculated this income year. Assets Property Plant And Equipment Depreciating Assets Effective Life Recalculation Indicator A question to determine if the effective life of any depreciating assets has been recalculated by the taxpayer in the income year. Inform the relevant field with appropriate code to establish whether the effective life of any depreciating assets has been recalculated by the taxpayer in the income year. Taxpayer's may recalculate the effective life of assets in certain circumstances if the effective life being used is no longer accurate. There are also circumstances where taxpayer's must recalculate the effective life of a depreciating asset. If a taxpayer has recalculated the effective life of any of their depreciating assets in the income year, select Yes for this field. If a taxpayer has not recalculated the effective life of any of their depreciating assets in the income year, select No for this field. Assets Property Plant And Equipment Depreciating Assets First Deducted Self Assessed Effective Life Indicator A question to determine if the taxpayer has chosen to work out the effective life any depreciating assets (self-assessed). Inform the relevant field to determine whether the taxpayer has self-assessed the 'effective life' of any of these assets. For most depreciating assets, taxpayers can choose either to work out the effective life themselves (self-assess) or to use an effective life determined by the Commissioner. If a taxpayer has adopted the Commissioner's effective life determination for all their depreciating assets, select No at this field. If the taxpayer has self-assessed the effective life of any of their depreciating assets, select Yes at this field. Only one of these fields should be selected, not both. Assets Property Plant And Equipment Depreciating Assets First Deducted Self Assessed Excluding Motor Vehicles Cost Total Amount The total cost of all depreciating assets, excluding motor vehicles, whose effective life was self-assessed by the taxpayer and for which the taxpayer is claiming a deduction for decline in value for the first time in the income year. Inform the relevant field with the total cost of all depreciating assets (excluding motor vehicles) whose effective life has been self-assessed, and for which a deduction for decline in value has been claimed for the first time in the income year. Assets Property Plant And Equipment Depreciating Assets First Deducted Self Assessed Motor Vehicles Cost Total Amount The total cost of all motor vehicles whose effective life was self-assessed by the taxpayer, and for which the taxpayer is claiming a deduction for decline in value for the first time in the income year. Inform the relevant field with the total cost of all motor vehicles whose effective life has been self-assessed and for which a deduction for decline in value has been claimed for the first time in the income year. Assets Property Plant And Equipment Depreciating Assets Low Value Pool Balance Amount The closing balance of a taxpayer's low-value pool for the specified income year. Inform the relevant field with the closing balance of the taxpayer's low-value pool for the specified income year. Assets Property Plant And Equipment Depreciating Assets Project Pools Count This is the number of project pools a taxpayer has. Inform the relevant field with the number of project pools. A separate project pool is required for each project.