Multiple mineral extraction allowances (10%)

Background

This schedule provides a summary of several mineral extraction allowances (10%) items. 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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Developing the schedule

This schedule is developed from the 'C' schedule using the Other Allowances sub-menu. It will then be stored within the 'B' pack of schedules.

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Completing the schedule

Analyses for individual items should be developed as sub-schedules of the summary, and there should be no data entry by the user on the face of the schedule except for amounts of allowances waived.

Once the supporting mineral extraction allowances (10%) schedule has been developed and completed, the amounts will then populate this summary schedule, the totals of which will then flow into the Capital allowances summary schedule.

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Standard sub-schedules

There is one standard sub-schedule , the Mineral extraction allowances (10%). Multiple copies of this schedule may be created as appropriate.

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Carry forward

On carry forward, this schedule is automatically developed in the subsequent computation if it is present in the prior year computation.

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Related errors

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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