Understanding the LodgeiT Depreciation Tools
Note that LodgeiT depreciation is primarily developed to solve for tax depreciation calculations. Depreciation calculated by LodgeiT is auto-injected into the tax forms.
If you want to include that depreciation in the financial statements, you'll need to do so via journal entry.
- Fixing Depreciation Start Date
- Depreciation Example with Plant and Equipment for a Business
- Using the General Pool Method
- Temporary Full Expensing
- Non SBE Method Depreciation
- Moving an Asset from Plant & Equipment to the General Pool
- Small Business Immediate Write Off
LodgeiT automation is dependent on initial configuration conditions. Depreciation won't show up in the correct sectors of either tax forms or working papers if the setup is not handled correctly.
Initial Configurations for Setting up Depreciation Module - setting up depreciation module per client (date set-up)
Click here for Depreciation FAQ's and/or here for ATO guide about tax depreciation methods and rules.
Note: "Posting/processing depreciation (4:52)" function is unnecessary, it will auto fill the tax return.
In this example, you are completing a return for 30 June 2017, Depreciation Date MUST be 1 July 2016. You can also select here, if you wish to apply SBE depreciation rules and use the General Pool.
Depreciation for Individual Tax Return Form (ITR)