Error: CMN.ATO.CTR.430021 - Check depreciation expenses or deduction for decline in value of depreciating

To avoid keying/manual impute, we suggest to import financial or use our direct Excel Import and to avoid such error.



TABLE OF CONTENTS


Illustration 1. Financial Import + LodgeiT "Tools"

This error should not be available for Import + Tools, because system auto fill the required boxes




This part is auto-filled





Illustration 2. Financial import only 

(no LodgeiT "Tools" impute)

Solution:

You will need to turn on "Depreciation" and report all relevant depreciable facts.

LodgeiT relies on the reported depreciable facts and adjusts out the accounting facts.


X = Depreciation expenses (from the imported financials)

Since, you do not have Depreciation schedule in LodgeiT "Tools" you will have this error-


Kindly, fill item "F" - Deduction for decline in value" in the "Depreciation" tab manually, then it will flow via "Reconciliation" > Item F as well


Form should be "Valid"


Illustration 3. Manual fill only 

(No Financial import or LodgeiT "Tools" impute)

 Solution: Via "Depreication" tab, fill manually the "Deduction for decline in value" 


Then, add back the accounting depreciation and less the tax depreciation

1.  Click "Reconciliation"

2. Add $ 7,217 to "Non Deductible expenses" (W)


Form should be "Valid"

Related Article:

Understanding the Reconciliation Section