Download C: Fixed Asset Register with Companies Act and Income Tax Depreciation (.xlsx)
What it does
Fixed asset register with Companies Act Schedule II depreciation (SLM/WDV, pro-rata by days) and Income Tax block-of-assets depreciation, including the 180-day half-rate rule, gains and losses on sale, the PPE movement note and an indicative deferred tax.
Who it is for
Accountants, tax teams and auditors.
How to use it
- Go to 'Settings'. Type the first day of the financial year (for example 01-Apr-2025), the residual value % (Schedule II allows up to 5%) and, if you want the deferred tax hint, your tax rate.
- Go to 'Asset Classes'. Check each asset class, its useful life (years) and the Income Tax block it belongs to. Change them if your policy or the law differs. The tax rate for each block is set on the 'IT Depreciation' tab.
- Go to 'FAR' (the register). Delete the sample assets and enter one row per asset: ID, description, class (drop-down), location, date put to use, cost, accumulated depreciation as at the start of the year (0 for new assets), and method (SLM or WDV).
- If an asset was sold or scrapped during the year, enter the disposal date and the sale value (excluding GST). The gain or loss is worked out for you.
- Go to 'IT Depreciation'. Type the opening written-down value of each block from last year's tax computation (or tax audit report). Additions and sales flow in from the FAR. If every asset in a block was sold during the year, choose 'Yes' under 'Block ceased?'.
- Read the results: 'FAR' shows book depreciation per asset, 'PPE Note' shows the movement by class for your financial statements, and 'IT Depreciation' shows tax depreciation, closing WDV and any short-term capital gain or loss.
- Look at the checks at the bottom of 'PPE Note'. All should read OK.
Tabs in the file
| Tab | What it holds |
|---|---|
| Settings | Financial year, residual %, tax rate for the deferred tax hint. |
| Asset Classes | Useful life per class (Schedule II) and mapping to Income Tax blocks. |
| FAR | The register: one row per asset, book depreciation, disposal gain/loss, and tax-addition category. |
| IT Depreciation | Block-of-assets tax depreciation with the 180-day rule and section 50 gains. |
| PPE Note | Movement of gross block and depreciation by class, book vs tax comparison, and checks. |
Learn the topic
For computation and reconciliation assistance only; not a substitute for formal statutory audit or legal tax advice. All sample data is illustrative and made up. Rates, limits and rules must be checked against current law and your own agreements before use. No tax saving, audit outcome or compliance result is promised.