Fixed Asset: User Defined Depreciation for Capital Initial Allowance
Dear All,
I am seeking help on defining User Defined Decreciation for computation of Capital Allowance for tax ledger.
Anyone have idea how to detine depreciation rule and/or depreciation formula for assets which having capital allowance as follow:-
| Asset Type | Initial Allowance (This is applicable for the first year only) | Annual Allowance (This is applicable every year including first year until fully claimed) |
|---|---|---|
| Industrial Building | 10% | 3% |
| Motor vehicle | 20% | 20% |
| Furniture and Fixtures | 20% | 10% |
Besides that the Qualifying expenditure for Motor vehicle is having restriction as follow:-
| Type of Motor behicle | Maximum Allowable value |
|---|---|
| New vehicles purchased where the total cost is 150,000 or less |
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