To add an asset

1 Go to the Acquisitions command centre and click Asset List. The Asset List window appears.
2 Click New. The Asset Information window appears.

 
Asset ID*

If the System-defined Numbering for the Asset ID checkbox is marked in the Preferences window, the Asset ID field will display the next available cardinal number. (When you create a new data file, system defined numbering is the default.)

• If the User-defined Numbering for the Asset ID checkbox is marked in the Preferences window, you will need to enter an alphanumeric, numeric, or alphabetic code in the Asset ID field.

NOTE: The Asset ID can be made of up of letter digits and special characters and is a total of 18 characters long.

NOTE: The barcode supports a limited range of printable characters, so restrict the asset ID to the following: upper case letter only (A–Z), digits (0–9), special characters (-. $ / +%), and the word space (spacebar).
Name Enter a name for the asset. For example, Mitsubishi Magna.

Asset Type

Choose Detail Asset or Header from the drop-down list . Note that if you choose Header, only the Asset Profile tab will be displayed. The Header ID and Asset Group fields will no longer be displayed. Click OK and the Header will appear in the Asset List window.

Header ID

If the asset is a Detail Asset, you might like to select a Header ID to which the asset will be linked. In this way, you can maintain a record of the separate components that are part of a 'total' asset. However, if you do this, each of the linked detail assets will be treated as a separate asset for the purpose of calculating depreciation. The rules for full depreciation at purchase will apply. To overcome this situation, you can still record the asset details separately but enter the Acquisition Cost with a zero value and assign the entire cost to only one of the detail assets that are linked to the Header.

• Click the search icon  next to the Header ID. The Select Asset window appears.
• Select the Header ID to which this detailed asset is to be linked and click Use Asset.

For example, detail assets such as a desk, chair, and filing cabinet might constitute a specific workstation. In this case, it could be a Header ID called 'Workstation 1'.

Asset Group

Detail assets must be assigned to an appropriate Asset Group. Assets initially inherit the properties of the Asset Group to which they are linked, but you can change these properties for each detail asset.

Click the search icon next to the Asset Group field. The Select from List window appears.

Select a group from the list and click Use Group.

For example, the office desk and chair might be linked to an asset group called Office Equipment. For information on creating asset groups, see 'To create an asset group'

If you want, you can display a picture of the asset in this window. For information on displaying a picture see 'To display a picture of an asset'

3 Click on the Acquisition & Depreciation tab.

NOTE : Information in the window will vary The information will vary depending on a number of factors including the type of your business (small business or large business before 30 June 2001; SBE taxpayer or non-SBE taxpayer after 1 July 2007), the acquisition cost, the acquisition date, and whether you have elected to pool low-cost assets or not. In addition, if the asset has been assigned to a Building asset group, only the Acquisition Date and Purchase Price fields are recorded.


4 Enter the information in the top part of the window.

Acquisition Date

Enter the date on which the asset was acquired. Note that you will only be able to enter historical assets prior to Starting a New Year for the first time. For information about entering historical asset records see 'Entering asset information'

Purchase Price

Enter the original cost of the asset.

 
Tax Code

If the acquisition date is after 30/6/00, the Tax Code field will appear. By default, the GCA tax code appears in the field, or if the asset is part of a group containing motor vehicles, the LCG tax code appears. If necessary, you can click the search icon and select the tax code that is applicable to this acquisition (for example, FRE: GST free, GCA: GST on Capital Acquisitions, GN2: GST NR payment withheld, GST: Goods and Services Tax, LCG: Luxury Car Tax + GST).

Note that you can set up other tax codes as required. For information on creating tax codes see 'To create a new tax code'

Tax Inclusive

Note the Tax Inclusive checkbox is only available for assets which were acquired on or after 1 July 2000.* The Tax Inclusive checkbox is displayed along with the Tax Code field and is selected by default.

• If the Purchase Price is inclusive of tax, this checkbox must be marked. The tax portion of the cost will be automatically deducted and depreciation will be calculated on the remaining part of the cost.
• If you want to enter a tax exclusive value, you must deselect the Tax Inclusive checkbox before you enter the acquisition cost. If you deselect it after you enter the Purchase Price, the acquisition cost will be the lesser value having already deducted a tax value. 
  

5 Enter the depreciation method.

The value in the Depreciation Method, Life/Rate and Calculated columns are inherited from the asset group's defaults which you can override if you want. Book values determine the depreciation expense included in your profit and loss statement. Tax values calculate the amount of depreciation you can claim as a tax deduction.

6 Click the drop-down list in both the Book and Tax fields and choose the depreciation method. Note that the options available will be determined by a number of factors including:

• the type of business (that is, small business, large business, SBE taxpayer or non-SBE taxpayer,
• the effective life of the asset (for SBE businesses, the pool options that are displayed in the Tax

drop-down list are dependent on the effective life entered in the Rate/Life field),

• the purchase price,
• the acquisition date, and
• whether you have elected to pool low-cost assets

Diminishing Value

Applies the set percentage to the written-down value of the asset each year (that is, the amount remaining for depreciation after deducting depreciation claimed to date from the original cost of the asset).

Prime Cost

Provides an equal deduction for each full year over the life of a n asset, as depreciation is based on a set percentage of the original cost of the asset each year or the effective life of the asset.

Non Depreciable

Select this option when you don't want to depreciate any asset component or any asset in an asset group. The non-depreciable method also disregards the low-cost asset purchase threshold. 

Full Depn at Purchase

Indicates that the asset will be fully depreciated on the date of acquisition. For:

Large Businesses (Non-SBE) Taxpayers

• This option fully depreciates an asset on the date it was purchased if it
• was acquired before 1 July 2000 and the acquisition cost is $300 or less small businesses, all assets acquired for less than $300 are fully depreciated

Small Businesses (SBE) Taxpayers

• All assets acquired before 1 July 2012 for $1000 and less are fully depreciated
• All assets acquired after 1 July 2012 for $6,500 and less are fully depreciated non-SBE taxpayers, some assets acquired for less than $300 can be fully depreciated if they meet the new criteria set by the ATO.

Pooled (only appears in tax list)

Indicates that the asset will be moved into a pool. The low-value pool will be chosen automatically

• when a large business elects to pool its low cost assets, the acquisition date is between 1 July 2000 and 30 June 2001, and the acquisition cost is equal to or less than $1000. Assets valued at $300 or less that cannot be fully depreciated are also added to the low-value pool.
• for a non-SBE taxpayer that purchases assets with a cost of less than $1000 and have elected to pool their low cost assets.

The general SBE pool will be chosen automatically if:

• you are an SBE taxpayer, the asset purchased was acquired before 1 July 2012, has an effective life of less than 25 years and a purchase cost of $1000 or more
• you are an SBE taxpayer, the asset purchased was acquired after 30 June 2012, and has a purchase cost of $6,500 or more.

The long-life SBE pool will be chosen automatically if you are an SBE taxpayer, you started operating before the 2013 financial year, and the asset purchased has an effective life of 25 years or more and a purchase cost of $1000 or more. 

7 Complete the remaining fields in this window.
Field Description
Rate The Rate field is displayed if:

• your business is classified as large and the asset was acquired before 21 September 1999 or
• your business is classified as 'Small'

To change the value, simply type over the existing value.

Life

The Life field will be displayed if:

• the asset has been acquired on or after 21 September 1999 and your business has been classified as large
• you are an SBE or a non-SBE business.

If you enter an effective life that is different from the default inherited from the asset group, the asset will be listed as a self-assessed asset on the Capital Allowances Schedule.

Calculated 

To change the frequency at which the depreciation will be calculated, click the drop-down list in this field and make your selection (that is, daily or monthly). 

Car Limit

For depreciation purposes, motor vehicles have a car limit set by the legislation in force. If the acquisition cost of the vehicle is greater than the set car limit, depreciation is based on the car limit and not on the full acquisition cost of the vehicle. This value represents the maximum depreciable limit that can be claimed according to the tax law.

If the asset acquisition date is prior to 1 July 2000, enter the car limit in the field. For information about car limits that are applicable to motor vehicles, see 'What are the car limits that have been set by the ATO?'

If the asset acquisition date is on or after 1 July 2000, AssetManager Pro automatically limits the cost of the asset for the motor vehicle based on the limit you enter in the LCT Tax Code window. For information on editing tax codes, see 'Setting up the tax code list'

Private Use 

Enter the percentage value of private use in the Private Use field. If the asset is used for both business and private purposes, you are required to apportion the depreciation accordingly. As such, you will not be able to use the private portion of the depreciation to reduce your assessable income.

Note that when a private use percentage is entered for an asset acquired from 1 July 2000 onwards, the depreciation calculated for tax purposes is reduced by the private use percentage. The private-use percentage of the input tax credit claimable on GST paid is added to the purchase price and increases the depreciable cost unless you have selected the FRE or N-T tax code. 

Depreciation: Prior

This field is displayed if the asset was purchased in a prior financial year. This is the amount depreciated based on the Book depreciation calculations from the acquisition date to the beginning of the current year.

Depreciation: Opening Balance

This field is displayed if the asset was purchased in a prior financial year. This value is the acquisition cost less the total depreciation calculated as at the beginning of the current year. 

Decline: Prior

This field is displayed if the asset was purchased in a prior financial year. This is the amount of decline in value based on the Tax decline in value calculations from the acquisition date to the beginning of the current year.

Decline: Opening Balance

This field is displayed if the asset was purchased in a prior financial year. This value is the acquisition cost less the total decline in value calculated as at the beginning of the current year. 

Reductions: Prior

This field is displayed if the asset was purchased in a prior financial year and a private percentage has been entered. This is the amount of reduction to the claimable tax deduction due to private use calculated from the acquisition date to the beginning of the current year. Reductions: Opening Balance

This field is displayed if the asset was purchased in a prior financial year and a private percentage has been entered. This value is the acquisition cost less the total reduction calculated to the beginning of the current year.

Actual Decline: Prior

This field is displayed if the asset was purchased in a prior financial year and a private percentage has been entered. This is the actual amount that can be claimed as a tax deduction, taking into account any reduction amounts up to the beginning of the current financial year.

Actual Decline: Opening Balance

This field is displayed if the asset was purchased in a prior financial year and a private percentage has been entered. This value is the acquisition cost less the actual decline, taking into account total reductions calculated to the beginning of the current financial year.



NOTE : Prior depreciation is calculated on two values For tax purposes, decline in value is calculated on the 'Decline' value and the 'Actual Decline' value. The 'Decline' value is the adjustable value of the asset which is calculated without the private use being accounted for. The 'Actual Decline' value is the adjustable value of the asset which is calculated with the private use being accounted for. For information on the way in which Decline and Actual Decline amounts are calculated, see 'How is notional depreciation or the decline calculated?'


If you have a 'large' business that has elected to pool low-cost assets you need to be aware of the following scenarios.

• If the acquisition date is prior to the current financial year and the decline opening balance is less than or equal to $1000, the Include in Low Value Pool checkbox is displayed. Marking this checkbox will move this asset into the low value pool immediately.
• If the acquisition date is prior to the current financial year and the decline opening balance is greater than $1000, the Include in low-value pool when adjustable value falls below $1000 checkbox is displayed. Marking this checkbox will move this asset into the low cost pool automatically when the value of the asset falls below $1000.
• If the acquisition date is within the current financial year and the decline opening balance is less than $1000, the assets are automatically selected to be pooled.

NOTE : Pooled assets must stay in the pool Remember that once you assign an asset to the pool, you cannot remove it from the pool.

8 Click on the Asset Details tab and enter the required information. This information is optional.

Location 

Click the search icon in this field to choose a Location card. Select the relevant Location card in the list and click Use Card. 

Cost Centre

Click the search icon in this field to choose a Cost Centre card.

Vendor

Click the search icon in this field to choose a Vendor card. 

Custodian

Click the search icon in this field to choose a Custodian card.

Serial Number

Enter the asset's serial number or other identification number, if it has one. 

Warranty Date

Enter the date to which the warranty is valid, if a warranty exists.

Custom Lists 

If you have set up Custom Lists in your data file, you can apply them to the asset. For information about setting up custom lists see 'Setting up custom field and list names' 

Enter the list items or click the search icon to view the Select from List window. 

Custom Field sYou can directly enter any additional information you would like to record about the asset in
these fields. The title of the fields can be changed. For information about setting up Custom
fields see 'Setting up custom field and list names'

9 Click the Service Details tab and enter the required information. This information is optional.


 

Service Provider 

Click the search icon  in this field to display a list of the existing service providers. Make your selection and click Use Card.

Next Service Due

Enter the date on which the next service is due.

Contract No 

Enter the service contract number.

Service Date and Details

To view the details of an entry recorded in the service log, click the zoom arrow for the relevant entry. The Service Log Entry window appears with the complete details of the service entry.

10 If you want a barcode to be created, click Barcode. A message confirms that a barcode has been created and added to the list of barcode labels that can be printed. See 'To view assets in the barcode print list'

11 Click OK to close the message.

12 Click OK. The asset now appears in your asset list.