This webinar, the third in our back to basics series looking at the fundamentals of Australian tax, explores the concept of depreciation and how the write off of capital assets can affect the tax position of individuals and businesses though a deduction over time for the decline in value of those assets.
Using practical examples, case studies, sample calculations and clear language, we will explore how the depreciation rules work and will then apply those to a practical guide covering areas such as:
• What is depreciation?
• Capital v revenue: immediate deduction of write-off over time?
• Effective life of an asset
• Methods of calculating depreciation
• Disposing of a depreciating asset
• Interaction between depreciation and Capital Gains Tax
• Depreciating intangible assets
• Special rules for small businesses
• Depreciating buildings and other capital works
• Depreciation for rental property owners
• Depreciation for employed individuals
• How are other capital costs treated?
Webinar Learning Outcomes:
Attendees will learn how to apply the depreciation rules in common scenarios. They will learn the difference between an expense that can be deducted immediately and a capital asset that must be depreciated. They will learn how to calculate depreciation and to understand the differences between the different depreciation rules and the situations to which they must be applied. Following the webinar, attendees will be able to assist clients who are who have queries about depreciation related matters.
This series of introductory webinars is ideal for those starting a career in tax who wish to understand the fundamentals of the Australian tax system. It is also ideal for accountants in non-tax roles who want a high level overview of how the tax system works, as well as other professionals who might need to understand how tax could impact their clients, such as financial planners and legal professionals.
Since 2015, Mark Chapman has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australia in 2007 to join the Australian Taxation Office (ATO) as a senior director. Mark is also the author of Life and Taxes: A Look At Life Through Tax published by Wolters Kluwer, CCH Australia.
Mark has over 25 year’s experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of CPA Australia and a member of the Chartered Institute of Taxation. He holds a Masters of Taxation Law with the University of New South Wales.
You will be provided with:
• PowerPoint Presentation slide deck
• Any Supporting Documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask questions to the presenter
Claiming deductions for the write off of capital assets.