Fixed Asset Register – Avoid Tax Risk and Compliance Issues
Are you confident your asset registers are accurate? How to avoid tax risk and compliance issues. Each year, the ATO flags areas of tax risk
March 15, 2021
Are you confident your asset registers are accurate? How to avoid tax risk and compliance issues. Each year, the ATO flags areas of tax risk
Income Tax Assessment Act 1997 – Division 43 (Deductions for capital works) Division 43 (Div43) allows deductions for buildings and structural improvements. Owners of capital
Why are Profit Centres Used in Financial Reporting? Businesses of all sizes have various reasons for wanting to separate different sources of profit and/or cost.
Accounting Depreciation Vs Tax Depreciation for Assets Many accountants prefer to maintain a single fixed asset register for their clients’ businesses. And, since tax depreciation
Let’s face it, reconciling fixed assets at tax time is tedious, awkward and (most of all) stressful. Let’s review the fixed asset register tax time
Various measures have been introduced by the Australian Federal Government to encourage a stronger economic recovery from the COVID-19 pandemic. The Backing Business Investment (BBI)
How do you calculate diminishing value depreciation? How does diminishing value depreciation compare to prime cost (straight line) methods? It is important to understand how
Find out how AssetAccountant™ can save you time and improve the quality of your clients’ fixed asset registers. Slider 1 Slider 2 Slider 3 Slider
70 seconds explains AssetAccountant™ – “We’ve mastered Depreciation So You Don’t Have To”https://www.asset.accountant/wp-content/uploads/videos/explainer-video-sep20.mp4 In our engagement with both accounting firms and corporates, we have identified
The Example: Jacki Chiles is a sole proprietor manufacturing furniture and trading as Pendant Furniture. His annual turnover is $1.4m and he qualifies as a
Incorrect Asset valuations Discrepancy and inaccuracy within your fixed asset register can distort financial results. Inventory, fixed assets, and accounts receivable may be wrongly stated
Adjusting Journals for Depreciation The video above briefly demonstrates a powerful feature of AssetAccountant™ – its automatic calculation of adjusting journals. No rollbacks required! Make
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