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This tax time, are you confident your asset registers are accurate?

  • Mark Dally
  • August 15, 2020
  • 7:12 pm
  • No Comments
ATO targets fixed asset depreciation
Each year the ATO identify and communicate tax risks to the market. The ATO make clear they will seek to understand and review the income tax treatment of activities, and "look for and review risks or concerns communicated to the market and determine if they are present".

In the past year, the ATO has highlighted Fixed Assets (property, plant and equipment) as a TAX RISK!

The ATO has specifically flagged:

  • Incorrect application of effective lives,
  • Incorrect calculations and
  • Accelerated depreciation.

Uniform capital allowances – this is usually a large area of assurance for capital intensive Top 100 taxpayers as they own a high percentage of fixed assets (property, plant and equipment). We are seeing instances of the incorrect application of effective lives, incorrect calculations and accelerated depreciation. We also have concerns with the use of automated software where the outcomes may not be compliant with the law, the incorrect use of project pools, and the incorrect treatment of balancing adjustments on disposals. It is important that there are appropriate internal systems and good governance practices to record assets, and to calculate effective lives and depreciation. We will ask to see the tax fixed asset register and the working papers, and we will also verify original cost and adjustable values for high value assets.

We are seeing instances of the incorrect application of effective lives, incorrect calculations and accelerated depreciation. We also have concerns with the use of automated software where the outcomes may not be compliant with the law, the incorrect use of project pools, and the incorrect treatment of balancing adjustments on disposals.

Australian Tax Office

Our powerful import tools make it possible to migrate your existing asset registers in as little as 60 seconds.

Free Conversion

Depreciation calculations and journals for both tax and accounting methods is made easy

  • AssetAccountant™ is a comprehensive cloud-based fixed asset register for managing depreciation developed by Accountants for Accountants.
  • AssetAccountant™ combines sophisticated interpretation of Tax and Accounting rules with a modern user interface design, to simplify the process of creating and maintaining fixed asset registers.
  • AssetAccountant™ is priced to suit accounting firms and businesses of all sizes.
  • AssetAccountant™ is currently available in Australia and New Zealand.

Priced to suit businesses and Accounting Firms of all sizes, AssetAccountant™ is currently available in Australia and New Zealand.

Marco Abril - TPM Builders

From the initial contact with the team at AssetAccountant to the final implementation, we have received prompt and positive responses. The effective support service and continuous improvement makes AssetAccountant a product highly recommended to a wide variety of industries as well as to accounting firms.

Marco Abril - Financial Controller, TPM Builders

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Mark Dally

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