First step is to configure the depreciation settings, learn more.
Make sure to complete the following information to avoid error in the forms.
In this example, we will assume that you have a depreciation report available from some depreciation system you have used prior to migrating to LodgeiT.
LodgeiT will process 30 June 2018 tax return.
To Add ITR Form
In your Client window, just add "Forms" and choose "ITR Individual Tax Return". In this example, we will be working for ITR2018.
Create & Prefill
"Lodgement Date" is automatic date from ATO, but you can also manage to change it if necessary.
It will navigate you in this window, an option to "Import Financial" or just "Skip this Step". For this example, just click "Skip this Step" or "Continue"
Turn-on financial picture " Work Related Expense" and "Depreciation", or which ever is related.
Then, click "Save"
In the ITR Form, choose "Deductions" tab and click "Job Expenses" as sub-tab and fill "D1-Car Expenses",
Start to "Add" details about the Motor Vehicle.
Before we could add an Asset, you have to set "Depreciation Date"
Go to (client) "Settings", click "Depreciation".
Note : "Depreciation date" should be the First month of the Year. ie. 1 July 2017 - 30 June 2018. Depreciation date is 1 July 2017
Creating "Group Asset" Motor Vehicle as Work Related Expense
Go to "Tools" and choose "Depreciation
Via the upper right section you can also select "Add".
Make sure to fill the details correctly, you can choose appropriately from the drop-down options for every box. (exactly as you see below).
Name: (you can name your group whatever you like) Category: Motor vehicles (Business/Non-business) Type: Motor Vehicles
*To avoid error, set-up exactly as you see in here. The only difference is "Name".
After Adding the "Asset Group" you can add a new "Asset"
You can also click "+New Asset" located via upper right.
In this example, we will add- Hyundai with the purchase cost of $16,000 bought on the 1 July 2015.
"Accumulated Depreciation on 1 July 2017" calculated through adding Depreciation from 2015 to 2017.
Input and Calculate manually the amount of "Accumulated Depreciation on 1 July 2017"
Then click "save"
Go to "Reports" select "All"
Be mindful of setting the dates in "Start date" and "End date". In this case, we are working for ITR2018.
Summary reports will show through this page.
Viewing ITR Report
Go to "Forms"
Select your ITR Form
ITR 2018 Form, Click "Deductions" tab, "Job Expenses", and select "Car Expenses" then click the Motor Vehicle that you created.
Upon clicking the "Hyundai" scroll over to the "Depreciation"
Click "Add", "Asset Name" is readily available because Asset were already Added.
Press your Keyboard-Tab to see the amount "Decline in value".
This is the same amount in the "Summary Report" Depreciation figure for 2017 of the Hyundai Motor Vehicle Asset.
Click "Validate" to find any error in your form.
If form is ready, click 'Complete".