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TAX RETURN DEPRECIATION - ASSESSABLE ADJUSTMENT CALCULATION ERROR

Lou_Apps
Experienced User
14 Posts
Experienced User
Australia
Experienced User

14Posts

3Kudos

1Solutions

TAX RETURN DEPRECIATION - ASSESSABLE ADJUSTMENT CALCULATION ERROR

We have just come across a calculation error within a Depreciation Schedule for a motor vehicle which was sold in the 2022 year end. 

 

No private usage.

 

The asset was written down to Zero so the assessable amount should have been the consideration.

 

Item P8 label X should be $42,727 which is the amount that the vehicle was sold for but what came through on the depreciation schedule was $20,000. It is not known how the software arrived at this figure.

 

I went into the depreciation schedule and changed the $42,727 to $1. This calculated correctly.

 

I then went back into the schedule, change the $1 back to the $42,727.  Then when I viewed the ITR (printed the tax return), the calculate was wrong again. 

 

I check the Depreciation Schedule figures where correct and tried to view only the ATO schedules and the tax workpapers, and the calculation was correct. When I then view the complete ITR the calcuation was correct.

 

We don't understand how printing the tax return in a different format managed to fix the calculation.

 

If anyone can shed some light on why this occurred, please advise.

ASSESSABLE ADJ ERROR - WRONG 100822.png
ASSESSABLE ADJ ERROR - CORRECT 100822.PNG

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