On Wednesday, I summarised the different methods you can use to work out the effective life of your depreciating assets. Today, I’ll outline what you need to take into account when calculating the effective life of your assets if don’t want to use the ATO’s effective life.
Most small business owners need to keep a fixed asset register for depreciating assets that they use in their business. A depreciating asset is an asset that:
- has a limited useful life; and
- will decline in value over time.
The ATO has just started another project – targeting businesses and individuals that sell goods or services online. It has asked online sales sites for details of people or businesses that sold goods or services over the value of $20,000 in the 2011 financial year. The ATO is now matching this data with the tax returns of these individuals and businesses to find out whether or not they have told the ATO about their online selling.
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