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Mineral extraction allowances (10%)
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See Also
Fixed assets | Mineral extraction allowances (25%) | Multiple mineral extraction allowances (10%) | Multiple mineral extraction allowances (25%)
Select from the following headings:
Background | Developing the
schedule | Completing the Schedule | Standard
Sub-Schedules | Carry Forward | Related
Errors
This schedule offer the user the chance to identify each qualifying item of
expenditure by both a description and the relevant licence number in each exploration
area.
Allowances are calculated at 10% where the qualifying expenditure comprises:
- pre-trading expenditure on plant and machinery that is sold; or
- pre-trading exploration expenditure; or
- expenditure on the acquisition of a mineral asset.
For Financial year 1996 computations onwards the rate for the allowances may
be changed to 5%.
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The schedule can be developed
from the Fixed assets schedule.
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This schedule works in the same way as the Mineral
extraction allowances (25%) schedule.
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This schedule has no standard sub-schedules.
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On carry forward, this schedule is automatically developed in the subsequent
computation if it is present in the prior year computation. In the subsequent
computation, the tax written down value brought forward is entered automatically.
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Error | How to
solve it |
| Sign error | This error results
from the sign conventions used within the software. This error can be
resolved by clicking the  button.
|
| Excess
waiver | This error
occurs when the writing down allowances (WDA) disclaimed are in excess of
the amount of WDAs actually available. Ensure that the WDAs disclaimed are
not in excess of the actual WDAs. |
| Allowances
waived should be positive | This error results
from the sign conventions used within the software. Writing down allowances
(WDA) are deducted from the profit before tax to arrive at profits chargeable
to corporation tax. If the allowances waived are entered as a negative
number, this actually increases the WDAs claimed in this accounting period
instead of deferring them until future accounting periods. This error
can be resolved by clicking the button. |
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© 2009 Thomson Reuters.