LodgeiT’s depreciation tools are designed to simplify the calculation and reporting of tax depreciation. Depreciation amounts calculated by LodgeiT are automatically populated ("auto-injected") into the relevant tax return forms, ensuring accuracy and compliance.
LodgeiT’s depreciation calculations are designed to ensure tax compliance and flexibility. Depreciation amounts calculated by LodgeiT are automatically integrated into the tax return forms. However, if you want these depreciation amounts to appear in your financial statements, you need to record them manually through journal entries. Please note that the accuracy and automation of depreciation depend on correct initial configuration for each client.
Other Depreciation Guides:
Important Setup Information
- The Depreciation Start Date must be accurately set. For example, if you are completing a tax return for the year ending 30 June 2025, the depreciation start date should be 1 July 2024.
- You can choose whether to apply Small Business Entity (SBE) depreciation rules and the General Pool method.
- The module handles depreciation for various asset types and accommodates:
- Plant & Equipment
- Temporary Full Expensing
- Non-SBE Depreciation Methods
- How to move an Asset from “Plant and Equipment” to “General Pool”
- Small Business Immediate Write-Off
Related Articles:
Other Articles for Depreciation
Migrate Tax Depreciation into Tax Returns, this guide includes depreciation guide for Individual Tax Return