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- Depreciation is where all items of Property, Plant and Equipment (with the exception of land) are considered to have a limited useful life. These assets are reffered to as depreciable assets and are subject to depreciation.
Where can you find the useful lives of depreciable assets?
- The Commissioner of Taxation has published his own determination of the useful lives of most depreciable assets. They can be found in Taxation Ruling TR 2012/2, which can be downloaded from the Australian Taxation Office's website at www.ato.gov.au
List three acceptable methods of calculating depreciation
1. the straight-line method
2. the diminishing balance method
3. the units of productions method
What is depreciation also known as?
Depreciation is also known as Uniform Capital Allowance.
On 1 July 2013 a machine was purchased costing $60,000 ex GST. The machine
was expected to run for 50,000 hours. Calculate the depreciation for each hour
of use. (Show your calculations.)
On 1 June 2013 a machine was purchased costing $60,000 ex GST. Assuming a
useful life of 7 years and no residual value, calculate the depreciation each year
based on the straight line method. (Show your calculations). Show only the first
4 years.
(60,000 - 0) x no. days held x 100%
---------------------------- ---------------------------- -------------------
365 7
60,000 x ____ x 14.29
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