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Alternate Depreciation Methods for Tax
Hi There
I have the following scenario and I can't understand from the Fixed Asset Management user guides how to set this up:
The asset is being migrated mid life from the legacy ERP system.
It has the following values:
The values migrated are as at 31/3/2021. The financial year runs from 1st April to 31 March.
For this asset, as at 31/3/2021, the asset's original and current cost were $38,240.04
The accumulated depreciation was $21,,820.67 using the 16.2% straight line method (which is the main accounting method for the asset).
The Net Book Value at 31/3/2021 was $16,,419.37
My question is around how do I set up the alternate depreciation method for tax purposes?
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