By reviewing your fixed asset register, you may be able to increase the amount of your depreciation / capital allowance deduction.

Review your asset for the following:

1.    Assets that no longer exist or have been scrapped;

2.    Review the current effective life of your assets.    The ATO permits you to recalculate the effective life of an asset if the current effective life is no longer relevant, i.e., the circumstances relating to the nature of the asset’s use have changed.

For some of the assets it may be possible to re calculate their effective life.  The shorter the effective life, typically the greater the deduction in the current year.

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com

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