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CRD1989's avatar
CRD1989
User
3 years ago

Backing Business Investment 50% Accelerated Depreciation in Assets?

I logged a call to MYOB to see if they are going to do anything regarding an option in assets for utilising 50% accelerated depreciation in Assets.

 

I spoke to a specialist who did not seem to be aware of the current rules regarding opting out of simplified depreciation and electing to use temp full expensing or 50% accelerated depreciation on an asset-by-asset basis?

 

How are others accounting for this in MYOB Assets? Are you making 2 entries for assets, the first being the 50% upfront write off and the second the balance at regular depreciation? It should be much more streamlined. 

 

Specialist said they will put it to their development team. Does anyone know if there is something in the works?

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  • RohitKS's avatar
    RohitKS
    Former Staff
    3 years ago

    Hello,


    Thank you for your enquiry. Information about the 50% accelerated depreciation is in the link below:

     

    https://www.myob.com/au/blog/claiming-instant-asset-write-off-eofy-2021/

     

    The product and development team are looking into this request of 50% accelerated depreciation to be incorporated into the product. An e-bulletin communication will be sent for these updates.

     

    Please let us know if you have any questions.

     

    Kind Regards


    Rohit