This video demonstrates methods for -
- Setting a start date. Learn more
- Adding the General Pool Group
- Adding the General Pool with an opening balance
- Adding an asset to the pool
- Adding financial statements with included tax depreciation
- Inspecting the outcome of the depreciation in the tax return
Be sure to check the Depreciation configuration first. Learn more
Steps to create General Pool for Business
1. Click Tools and Select Depreciation.
2. In Depreciation window, Click Add button.
3. Update the details
Group Asset set-up:
We've built LodgeiT General Pool depreciation module that follows the rules set by the ATO. According to ATO rules, the write-off threshold for period 12 March 2020 to 31 December 2020 is $150000 (ie $150K will auto write off by the system)
Another option is to do accounting - based depreciation for the financial statements and tax -based depreciation for the tax return. Alternatively, move the assets out of the pool and don't use SBE rules.
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