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Tax depreciation worksheet

You can integrate depreciating assets from the Assets tab into the tax return. This helps reduce manual data entry, minimise errors, and saves you time. You can keep all your asset information in one place and let the system automatically calculate depreciation.

We’ve added a new Tax depreciation worksheet that will automatically import the depreciation expenses from Assets . You can then allocate the amounts to the required schedules and worksheet fields.

Key things to know

  1. Allocate assets by asset class: In Assests, assets are grouped into asset classes. In the tax depreciation worksheet, you’ll need to allocate asset classes, not individual assets to the schedules and worksheet fields.

  2. Default depreciation class: If you see the Default depreciation class in the worksheet, it means you've not set up any asset classes and allocated the asset to specific asset classes.

  3. Start the worksheet over if you change an asset or asset class: We recommend updating your assets and asset classes in Assets before creating the Tax depreciation worksheet. If you add or delete an asset or asset class, you must delete and re-create the worksheet to see the changes.

Allocating the amounts to schedules and worksheets

Follow the How to use this worksheet steps on the Tax depreciation worksheet window and make sure you've setup asset classes and allocated the assets.

When you're ready, select Yes at Are you ready to allocate your depreciation expenses? question

In the Depreciation summary, use the columns to allocate the amounts to the schedule/or worksheets.

  • Allocate to: Select the schedule/or worksheet you want to allocate the depreciation to.

  • Schedule or worksheet name: Select the name of the schedule/or worksheet. For example, if you have multiple rental schedules, you can pick the one you want to allocate to.

  • Schedule or worksheet item: Select the field in the schedule/or worksheet where the amounts should be integrated. For example, for rental schedules you can allocate to capital allowances or capital works fields.

These amounts will integrate into the respective schedules and worksheets and will then be included in the tax return.

Disposals

For disposals of depreciable assets, manually enter the amounts from the Assets to the appropriate field in the return. Automatic integration of this feature will be available in a future release.

FAQs

  • How do I allocate a single asset to the schedule or worksheet?
    If you want to allocate a single asset, first create an asset class and add that asset to that class. This asset class will then be available on your tax depreciation worksheet for you to allocate.

  • Why are amounts different in the Tax schedule report?
    The tax schedule report includes the correct private use % (if applicable). This percentage is reflected in the amount allocated to private use.

More information on working with Assets