Can anybody educate me on how Diminishing Value is calculated – for the purpose of entry into my tax return – i.e. Deductions for decline in value on the rental worksheet.?
I have a depreciation shcedule prepared by deppro.com. There is nothing evident on the schedule of how to calculate the final figure. Is there a formula or series of calculations?
Regards,
Elvis[strum]Ah yes, at times it’s hard getting much help out of Deppro after you’ve got your Schedule.
Let’s assume the Assets were acquired before May 10 this year, when the DV rate changed.
And let’s assume we’re talking about Assets worth over $1,000 – otherwise you’ll no doubt have them in the Low Value Pool.
So it’s a piece or carpet worth $2,000. And carpet has an Effective Life of 10 years.
To get the DV rate for carpet, you take 150 and divide it by the Effective Life. That gives you 15%.
(If the carpet was acquired after May 10 this year, it’s 200 divided by 10 = 20%.)
But you shouldn’t need this sort of detail for your tax return?
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auTalk about a turkey slap in the face!!!
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