How to separate depreciation 80% business and 20% Work Related use
Options:
Option 1 - Via LodgeiT Depreciation "Tools"
Migrate the tax depreciation from LodgeiT "Tools" to the client tax forms, learn more here
If via LodgeiT depreciation "Tools", record the "Business" and "Work Related" use separately
ie, create a set of
Group Asset and Asset
Business as 80%
Work Related as 20%
Business use
via Business item M
Work Related
Private used of 20% via D5
Notes
- After the migration of the depreciation, LodgeiT no longer imports assets from the depreciation tool. Users must now edit their depreciation directly within the tax form. Therefore, users should continue editing their assets in the tax form.
- Certain assets cannot be migrated automatically. You can do it manually by creating an asset worksheet in the particular area of the tax return. Use the asset description field to search for the asset, then select it from the search results.
Option 2 - Direct Fill
Directly add the asset into the tax form, using "Worksheet"
You have a control on how you can calculate the asset usage.