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  • What's New
    • What's New
      • June 2020 Product Updates
      • Tax Form Changes 2020
      • May 2020
      • March 2020
      • Promo: Get your free annual LodgeiT subscription from QuickBooks
      • November 2019
      • June 2019
      • April 2019
      • December 2018
      • October 2018
      • September 2018
      • August 2018
      • April 2018
      • June 2018
  • User Guide
    • Recent Q & A
      • MyGov as Auskey Replacement
      • SBR Partner
      • No accounting Software, how to start ITR (MyGov Reports)
      • How do I enter multiple trust distribution capital gain amounts in an individual ITR?
      • Capital section coming from a trust not a direct sale?
      • Adding Multiple Companies (Non Tax Agent)
      • How to adjust items in reconciliation section
      • How to adjust items in reconciliation section - from QB import
      • ATO Reports
      • Carried Forward Losses
      • 2016 SMSF Return
      • CU Form
      • Delete Occupation Code
      • Item 30 - PSI question missing for Trust Tax Return 2018
      • Lodgement/audit history for lodged returns
      • Lodgment confirmation
      • OSX Experience
      • PAYG instalment estimate
      • Prior Year Tax Returns / Old Forms
      • Removing -short refund of franking credits application individual return
      • Taxpayer appointment of tax agent
      • Team member access
      • Where to trigger small business income tax offset?
      • Validation error
      • No Accounting Software
      • MYOB Import
      • Billing Process and Lodgement
      • Prefill View
      • Import data from Reckon Hosted to LodgeiT
      • Carry Forward Losses
      • Income Stream Payment S2 (SMSFAR)
      • Trust - dividend imputed credit validation
      • Adjusted Taxable Income
      • How do you add in PAYG Tax Witholding to a BAS/Activity Statement?
      • Profit Allocation
      • International Address / Overseas Post code
      • Working paper -Ledger
      • Separate business schedule / multiple business activities
      • Pre 2014 Cars/Vehicle Depreciation Reduction
      • Upgrade Lodgement Subscription
      • Share of Franking Credits / How to input dividend imputation credits on a trust distribution
      • Trust Distribution to beneficiaries
      • How to top-up for a package
      • Income Averaging for Primary Production
      • Company not showing trust franking credit from distribution
      • Client List and Client Groups
      • How to reverse form to "Draft" status again?
      • Client groups bulk import (existing client)
      • Jobkeeper
    • Sign-up Process
      • LodgeiT Overview Process
      • Getting Started for Tax Agents
      • Getting Started for Bookkeeper
      • Getting Started for Business Owner
      • Knowledge base
    • Account, ATO, and Security
      • Account
      • To use QBO (QuickBooks) Credentials to Sign-in to LodgeiT
      • Turn on 2-step authentication via Authenticator app
      • Software ID update
      • Connect LodgeiT to ATO
      • Feedback
      • Client Migration
      • How to Secure MyGov ID
      • Can a MyGov ID be Proof of Signing?
      • Organisation Log
      • Change of E-mail Address
      • Billing
      • Electronic Fund Transfer (EFT) Report
      • Entity Type / Practice Type as Company (Tax agent)
      • How to Invite Team Members and Restrict Team Access
      • Switch Accounting Software
      • Taxpayer appointment of tax agent
      • How to use your MYGovID to connect LodgeiT to ATO via Access Manager
      • 2FA 30days
      • Switch Tax Agent
      • How to check SBR Outage
      • Managing Lastpass extension issue
    • General Settings
      • Signing Documents Electronically Under Corporations Act 2001
      • Updates to Dashboard Navigation Controls
      • Client Export
      • Dashboard - Work status filter and sort (team, form, period, client group)
      • Form Workflow Sequence and E-signature
      • Using LodgeiT to Lodge for Multiple Entities / Switch Organisation (FOR TAX AGENT)
      • Business Owner to Lodge for Multiple entities
      • How to see Lodged Form / Lodgement Receipt
      • Creating a Tax Return (form types)
      • Activate Financial Picture
      • Brand Setting and Logo
      • Where to add Bank Detail / Electronic Funds Transfer (EFT)
      • Part Year Spouse
      • Complete your Organisation Details
      • Client settings
      • Define Client Relationship
      • Add related entities / Adding Client
      • Archive or Delete Client
      • Add Spouse
      • Deactivate Spouse
      • Address Option - Tax Agent or Client
      • Audit Trail and Document History
      • Additional Email Address
      • How to change the language settings on your Google chrome browser
      • Changing Bank Details (Tax Agent)
      • Deleting Form
      • E-signature Template
      • Extract Client List from Handisoft
      • Fast Navigation - Forms (Keyboard)
      • Fixing Date Display Issue in Google Chrome
      • Gear Wheel
      • Human Icon
      • Intermediary VS. Business
      • Invite LodgeiT Team (for Error / Issues)
      • How to Lock a Form from the other Team Members
      • Lodgement Declaration Requirement
      • Lodgement List & Dates
      • Managing Client
      • How to Modify Due Date
      • Pattern for CSV Client Import
      • How to prevent other team members for viewing a form
      • Print the form
      • Selecting clients to work with
      • Settings - Contact Details
      • Settings - Manage Access
      • Settings - General
      • Settings - LodgeiT User
      • Settings - People
      • Settings - Tax
      • Out To Sign: Manual Signature
      • Out To Sign: Using E-Signature
      • E-Sign Notifications
      • E-sign status card
      • Suspend a Form
      • Synchronise Client Details from LodgeiT to QBO
      • Connecting to LodgeiT from/to QBO
      • Sync to QuickBooks Online & Invoice Client
      • Validating Errors
      • Medicare Levy Surcharge
      • Client Details Card
      • How to "mark form as lodged"
  • Billing and Payments
    • General LodgeiT Pricing
      • Pricing
      • Buying Lodgements (Business Owner / Individual)
      • Package Subscription for Tax Agent
      • How to see LodgeiT payment and invoice
    • Pricing for Franchisees
      • About Franchisee Licences
      • Buying and Assigning Licences
  • Tax Form
    • Individual Tax Return
      • Preparation of an Individual Tax Return (ITR)
      • How to Amend an Individual Tax Return
      • Activate "Individual Tax Return" Reporting Module
      • Adding Bank Details into an Individual Tax Form
      • Adding Dividends Manually
      • Business & PSI Income
      • Activate Capital Gains
      • Entering Capital Gain Tax Manually
      • Capital Gains in Individual Tax Return
      • Capital Gains - Multiple Trust Distributions
      • General Pool- Related to Business (Individual Tax Return)
      • Car Expense for Business
      • Completing the Business Section of Individual Tax Return (ITR)
      • Depreciation: Capital Allowance Asset as Work Related Expense (Individual Tax Return)
      • Depreciation: New Asset-Motor Vehicle (Individual Tax Return)
      • Depreciation to Rental (Individual Tax Return)
      • Depreciation: Rental Property (Individual Tax Return)- Capital Allowance
      • Validating Work Expenses
      • Spreadsheet Example - Sole Trade Comparatives
      • Depreciation: Rental Property (ITR)- Capital Works Rental
      • Depreciation: Work Related Motor Vehicle (ITR) Report from other System to LodgeiT
      • Description of Main Business
      • Where to Enter Fringe Benefit into Individual Tax Return
      • Individual Tax Return - Foreign Source Income
      • Individual Tax Return Losses - Applying PRIOR YEAR LOSS
      • Individual Tax Return with Partnership (with $20K loss assessable income)
      • Low Value Pool (Business Related) Individual Tax Return
      • Non-Australian Resident with Interest income
      • Partnership Losses
      • Part Year Tax Free Threshold
      • Personal Superannuation Deductions in Individual Tax Return
      • Private Health Codes
      • PSI - Item 14
      • To Record Partnership Deferred Losses
      • Rental Property Split
      • Rental Schedule from Quickbooks
      • How to Report Holiday Makers Wages in Individual Tax Return
      • How to Report Working Holiday Visa
      • How to Revert from Short Refund Return
      • How to show estimated PAYG Instalments on ITR (Individual Tax Return) Estimate
      • Sole Trader with 2 Businesses - One Profitable and One Deferred Losses
      • Trust Capital Gains in Individual Tax Return
      • How to Use Deferred Business Losses
      • How to use Deferred Business Losses (Carried forward Loss)
      • Income Averaging (ITR - Non Primary)
      • HELP Debt
      • Non Resident Foreign Income (NRFI) Schedule
      • ITR - Foreign Income
      • Senior tax Offset (SAPTO)
      • Managed Fund
      • Calculating off-set for private health insurance rebate non resident (Individual Tax Return)
      • Lumpsum E-payment received (Individual Tax Return)
    • Company Tax Return
      • Preparation of Company Tax Return
      • Understanding the Reconciliation Section - Company
      • Reporting Dividend Income received into a Company Tax Return
      • Reporting Capital Gains into a Company CTR Tax Return
      • Reporting Interest Income received into a Company Tax Return
      • Reporting Partnership Income received into a Company Tax Return
      • Reporting Trust Income received into a Company CTR Tax Return
      • How to Configure Settings for a Company
      • Activate "Company Tax Return" Reporting Module
      • Capital Gains in Company Tax Return
      • Company Tax Return - Losses
      • Company Losses (Carried Forward Loss)
      • Company Tax Return - Applying PRIOR YEAR LOSS
      • Company Tax Return - Foreign income tax offset
      • Company Tax Rates for small business entities
      • Foreign Source Income
      • Reporting Trust Income
      • Company Tax Return - Depreciation (10A - Deduction for Certain Assets)
      • Cash Flow Boost and Jobkeeper Classification Treatment
      • International Dealing Schedule for Company Tax Return
      • Reportable Tax Position (Company Tax Return)
    • Partnership Tax Return
      • Preparation of Partnership Tax Return (PTR)
      • Activate "Partnership Tax Return" Reporting Module
      • Small Business Entity having Accounting vs Tax Depreciation
      • Small business Tax Offset
      • Understanding the Reconciliation Section - Partnership Tax Return
      • Reporting Partnership, Interest & Dividend Income, Trusts and Rentals For Partnership
      • Spreadsheet Example - Partnership Comparatives
      • How to Use Tags in accounts with other expense categories in a partnership
      • How to Use Tags in accounts with other Income categories in a partnership
    • Superannuation Fund Tax Return
      • Preparation of Self Managed Superannuation Fund (SMSF)
      • How to Prepare Accounts for Superannuation Funds to Import to LodgeiT
      • Activate Relevant Sections of Self Managed Superannuation Fund Form (SMSF)
      • Import Self Managed Superannuation Fund (SMSFAR) from Mclowd to LodgeiT
      • Importing BGL Forms
      • Calculation Engine for Retirement
      • Capital Gains in Self Managed Superannuation Fund (SMSF) Tax Return
      • Exempt current pension income
      • How to get the credits back
      • Message - Incorrect PDF Format
      • Self Managed Superannuation Fund (SMSFAR) - Applying PRIOR YEAR LOSS
      • Self Managed Superannuation Fund (SMSFAR - Carried Forward Loss
      • Self Managed Superannuation Fund (SMSFAR) : Clearing Errors and Validating Form
      • SMSF Member Statement (entering Opening Balance of a Member)
      • Work around for removing section G in BGL PDF return
      • Methods for creating SMSF accounts
    • Trust Tax Return
      • Preparation of Trust Tax Return (TTR Form)
      • Video of the Trust Tax Form Filling Process
      • Spreadsheet Example - Trust Comparatives
      • Activate "Trust Tax Return" Reporting Module
      • Net Trust Income Must Equal Distributed Income
      • Notice to sent
      • Trust Tax Return (TRT) - Applying PRIOR YEAR LOSS
      • Understanding the Reconciliation Section - Trust
      • Reporting Partnership, Interest & Dividend Income, Capital Gains and Rentals For Trust
      • Trust Tax Return (TRT) loss distribution
      • How to Use Tags in accounts with other Income categories in a Trust
      • Reporting Partnership, Interest, Trust & Dividend Income for Company
      • How to Use Tags in accounts with other expense categories in a trust
      • Deceased Estate
      • Error: The A - Income of the trust estate field is required
  • Other Forms
    • Activity Statement
      • Preparation of Activity Statement
      • Manage Activity Statement
      • Switch-Off Auto Produce Activity Statement
      • Pull new Activity Statement
      • Activity Statement preloaded from ATO
      • How to Amend an Activity Statement
      • Bulk Import of BAS/IAS
      • Collecting and Filling Activity Statements from the ATO Systems
      • Collecting Activity Statement (AS) - not showing in LodgeiT
      • Importing Activity Statements Lodged Indirectly
      • Importing Published Xero Activity Statements to LodgeiT
      • Access to Activity Statements Not Available
    • PAYG Payment Summary Tax Return
      • Preparation of PAYG Payment summary (PS)
      • How to Import Empdupe (PAYG Summary Form)
    • TPAR Tax Return Form (Taxable Payments Annual Report)
      • Preparation of Taxable Payments Annual Report Form (TPAR)
      • How to Import Excel Template to Taxable Payments Annual Report (TPAR)
      • OLD Taxable Payments Annual Report Preparation (TPAR)
    • CGNFT ( Consolidated Groups Notification of Formation and Member Entrance-Exit )
      • Preparation of CGNFT Form - Consolidated Groups Notification of Formation and Member Entrance/Exit)
      • Livestock - Understanding Average Cost Method
    • FBT Tax Return Form (Fringe Benefit Tax)
      • Preparation of FBT Return Form (Fringe Benefit Tax Return)
    • FTER ( Family Trust Election
      • Preparation of FTER Form ( Family Trust Election, Revocation or Variation )
  • Importing Financials
    • LodgeiT Smart Excel Utility
      • LodgeiT Smart Excel Utility
      • Settings - Import
      • Generate LodgeiT Import Files from Excel
      • Generate LodgeiT Import Files from Any Accounting System
      • Client Code for LodgeiT Smart Excel Utility
      • Creating Accounts in Excel from Scratch for LodgeiT using Smart Excel Utility
      • Unable to see "LodgeiT" tab in spreadsheet
      • Installation for Add-in issue : LodgeiT Smart Excel Utility
      • LSU Issue: The System Cannot find the File Specified
      • Instructions for using Livestock Calculator
      • Using LodgeiT Smart Excel Utility to Create Financial Reports for a Sole Trader
      • Link to Install the Smart Excel Utility
      • Issue: Myob API Import - figures are incorrect
      • Scroll issue while mapping an accounts
    • Importing Financial Statements
      • General : Importing Financials
      • Import Files from Excel
      • Removing Imported Financials
      • Accrip Excel Template
      • Extract & Transform QuickBooks Online Balance Sheet Report
      • Extract & Transform QuickBooks Online Profit and Loss Report
      • Importing Financial Statements from Quickbooks (QBO)
      • The LodgeiT Approach to Preparing Special Purpose Financial Reports (SPFR)
      • Financial Reports (comparative excel sheet example)
    • Extracting Reports from Software Without API's
      • QuickBooks/Reckon Accounts Desktop
      • Transform Report and MYOB Essentials using LodgeiT Smart Excel Utility
      • Extracting Client List from Elite
      • MYOB Desktop Legacy (v13 to 19)
      • Extract & Transform HandiLedger Balance Sheet Report
      • Extract & Transform Handiledger Profit Loss
      • Extract & Transform Mas Sol6 Balance Sheet Report
      • Extract & Transform Mas Sol6 Profit and Loss Report
      • Extract & Transform MYOB Accounting Legacy Balance Sheet Report
      • Extract & Transform MYOB Accounting Legacy Profit and Loss Report
      • Extract & Transform MYOB Essentials Balance Sheet Report
      • Extract & Transform MYOB Essentials Profit and Loss Report
      • Extract & Transform MYOB Tax & Contacts Balance Sheet Report
      • Extract & Transform MYOB Tax & Contacts Profit and Loss Report
      • Extract & Transform QuickBooks Balance Sheet Report
      • Extract & Transform QuickBooks Profit and Loss Sheet Report
      • Extract & Transform Tally Balance Sheet Report
      • Extract & Transform Tally Profit and Loss Report
      • Extract & Transform XERO Balance Sheet Report
      • Extract & Transform XERO Profit and Loss Report
  • Resources
    • General Tax Knowledge
      • Minutes of Trustee Resolution
      • Cash vs Accrual Reporting in Tax Forms
    • Effective Accounting Techniques
      • Logic of Reconciliation Section
      • Getting Started with Mapping Accounts
      • Chart of Accounts Taxonomy
      • Preparing Accounts for LodgeiT
      • Adjusting Accrual Accounts to Cash Basis Taxable Values - Company
      • Losses
      • Handling Dividend Reporting
      • Trust Beneficiary Loans in QuickBooks
      • How to account for Sole Trader Equity
    • Special Purpose Financial Reports
      • Managing Special Purpose Financial Statement (SPFR) Templates
      • Editing Special Purpose Financial Statements (SPFR) - Custom Reports
      • Adjusting Your Branding Settings and Adding Your Logo (Emails and Special Purpose Financial Statements-SPFR )
      • Cash vs. Accrual Reporting in Special Purpose Financial Reports (SPFR)
      • Special Purpose Financial Statements (SPFR) and E-Signature
      • Preparing Special Purpose Financial Reports (SPFR) for a Company
      • Preparing Special Purpose Financial Reports (SPFR) for a Trust
      • Preparing Special Purpose Financial Reports (SPFR) for a Partnership
      • Special Purpose Financial Statements (SPFR) Comparison Period
      • Working with Trusts
      • Demonstrating Producing Company SPFR via QBO
    • Working Papers
      • Using Working Papers
      • Checking Workpapers : as an "accountant"
      • Checking Workpapers : as a "reviewer"
      • Checking Workpapers: for expected value
      • Delete workpapers
      • Edit Workpapers
      • Import documents from files to workpapers
      • Remove documents from Workpapers
      • Upload Documents to Workpapers
  • LodgeiT Tools and Storage
    • Other Calculators & Tools
      • Access Borrowing Cost Calculator
      • Create & Manage Loans
      • Finding the Interest Rate for the Hire Purchase Calculator
      • GST Reconciliation - Cash GST reporting and Accrual accounting
      • Manage Hire Purchase Calculators
      • Notes
      • Structure of Loans
      • Depreciation
    • Share Register & Franking Account Tools
      • How to use the Share Register & Franking Account
      • Working with the Share Register & Paying Dividends
      • Access the Franking Account
      • Add Dividends paid by the company to the Shareholders
      • Opening Balance - Franking Account
      • Understanding Franking Credits
    • Depreciation Tools
      • Settings - Depreciation
      • Video : Basics of Depreciation including General Pool
      • Accounting Depreciation & Tax Depreciation (Company Tax Return)
      • Add a New Depreciation Group
      • Delete/Remove or Edit Asset and Asset Group
      • Individual Tax Return Rental Property Low Value Pool
      • Depreciation > Luxury Car Limit
      • Immediate write off
      • Depreciating Assets Groups & Classes
      • Depreciation: Profit on Sale / Recoupement
    • Tax Related Reconciling Tools
      • The Reconciliation Analyser
      • About Activity Statement Analyser's
      • Activity Statement Analysis - Accounting System
      • The GST Analyser
      • Annual GST Analyser
      • Payroll Analyser
      • End of year Journal entries
      • Generate Reports from Portal
      • The Payment / Refund Analyser
      • Trade Amendment Tool
      • True Balance Validator
      • Matching Integrated Account Facts with Activity Statement Facts
      • Importing Integrated Account from ATO Portal
    • Share Buy - Sell Tools
      • Complete Share Information
      • Edit or Remove a Share Buy Sell Transaction
      • Manage Buys & Sells of Shares
      • Manage the Sell of Shares that have been bought in different batches
    • Document Storage
      • Understanding Document Types & Document Timeframes
      • Document Storage Overview
      • Attaching Documents in the Document Storage Area
      • Create Document Time Frame Associations
      • Document Storage on Calculators
      • Document Sub-Type for Financial Report
      • Document sub-type for Legal Document
      • Document Sub-Type for Reference Document
      • Document sub-type for Regulator Notice. Be sure to select the regulator.
      • Retrieving Documents
      • Saving Accounting Data Files into Storage
  • LodgeiT video series
  • Other Resources
    • Known Error Codes
      • CMN.ATO.GEN.430018
      • ABR Outage
      • CMN.ATO.AS.000161
      • CMN.ATO.CTR.428136
      • CMN.ATO.AUTH.007
      • CMN.ATO.TPAR.000002
      • CMN.ATO.CGTS.402136
      • CMN.ATO.CGTS.402165
      • CMN.ATO.CGTS.402171
      • CMN.ATO.CGTS.402243
      • CMN.ATO.CTR.428049
      • CMN.ATO.CTR.430021
      • CMN.ATO.AS.EM024 / CMN.ATO.AS.EM139
      • CMN.ATO.AS.EM060
      • CMN.ATO.GEN.001001
      • CMN.ATO.GEN.001002
      • CMN.ATO.GEN.001011
      • CMN.ATO.GEN.200000
      • CMN.ATO.GEN.300005
      • CMN.ATO.GEN.300006
      • CMN.ATO.GEN.400011
      • CMN.ATO.GEN.410214
      • CMN.ATO.GEN.428042
      • CMN.ATO.GEN.430019
      • CMN.ATO.GEN.430050
      • CMN.ATO.GEN.430081
      • CMN.ATO.GEN.430136
      • CMN.ATO.GEN.430142
      • CMN.ATO.GEN.430245
      • CMN.ATO.GEN.430250
      • CMN.ATO.GEN.432016
      • CMN.ATO.GEN.432686
      • CMN.ATO.GEN.434147
      • CMN.ATO.GEN.438002
      • CMN.ATO.GEN.438063
      • CMN.ATO.GEN.438065
      • CMN.ATO.GEN.438067
      • CMN.ATO.GEN.500055
      • CMN.ATO.GEN.EM0005
      • CMN.ATO.IITR.000254
      • CMN.ATO.IITR.000266
      • CMN.ATO.IITR.210003
      • CMN.ATO.IITR.300001
      • CMN.ATO.IITR.310000
      • CMN.ATO.IITR.310054
      • CMN.ATO.IITR.310104
      • CMN.ATO.IITR.310105
      • CMN.ATO.IITR.410009
      • CMN.ATO.IITR.EM0028
      • CMN.ATO.PSS.000025
      • CMN.ATO.PSS.000031
      • CMN.ATO.RDTIS.438003
      • CMN.ATO.RDTIS.438043
      • CMN.ATO.RS.000150
      • CMN.ATO.SMSFAR.436021 - Audit date incorrect
      • CMN.ATO.SMSFAR.436066
      • CMN.ATO.SMSFAR.436202
      • CMN.ATO.SMSFAR.436352
      • CMN.ATO.SMSFAR.436632
      • CMN.ATO.SMSFAR.437133
      • CMN.ATO.TFND.000113
      • CMN.ATO.TPAR.000013
      • CMN.ATO.TPAR.000016
      • CMN.ATO.TRT.432179
      • CMN.ATO.TRT.432687
      • CMN.ATO.WRE.000061
      • CMN.ATO.WRE.000070
      • Description of activity length must not exceed 36 characters
      • Description of activity length must not exceed 36 characters
      • Error : Accounting System connection is Invalid
      • Other Country
      • SBR.GEN.AUTH.003
      • SBR.GEN.AUTH.006
      • SBR.GEN.AUTH.008
      • CMN.ATO.CTR.428099
      • CMN.ATO.CTR.428352
      • CMN.ATO.CTR.428019 Previous name without either ARBN or ACN
      • CMN.ATO.IITR.EM0054
      • Dividends and Interest - Address error code
      • CMN.ATO.IITR.730270
      • CMN.ATO.IITR.730378
      • CMN.ATO.IITR.000254
      • CMN.ATO.IITR.304102 - Estimated eligible income is incorrect
      • CMN.ATO.IITR730377
      • CMN.ATO.IITR.730417
    • Old Forms
      • Old Form : Trust Tax Return Form 2015
      • Validation Errors on Old Forms
      • Old Form: With ABN and without business income/ANZSIC
Solution home LodgeiT Tools and Storage Depreciation Tools

Video : Basics of Depreciation including General Pool

Modified on: Wed, 22 Jul, 2020 at 8:32 AM

Watch this helpful Video about Basics of Depreciation including General Pool


Related Article:

Depreciation

General Pool- Related to Business (ITR)


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