Home – New Forums Money matters Company Tax Return – 8E Total Assets Reply To: Company Tax Return – 8E Total Assets

#1217572
James Millar
Participant
  • Total posts: 1,739
Up
0
::
alex.francis, post: 262339, member: 111221 wrote:
Hi all,

I was wondering about the field “8E Total Assets” on my company tax return, specifically how simplified depreciation may impact the value.

Write at E all assets of the company, including fixed, tangible and intangible assets and all current assets as written at D All current assets item 8.

Let’s say the company purchased a car for $30000 and it had depreciated $5000 in value. The value of the car would contribute $25000 to 8E as I understand it.

But this is the part where I am slightly confused. If the car was purchased for $15000 and I am using simplified depreciation then I would write off the entire $15000 in the first year the car was purchased as the asset cost less than $20000. But if I do this and the car still has a market value of $10000 then should 8E include the $10000 figure or should this amount be omitted?

Thank you,

Alex

The figures for those labels are supposed to come from the company balance sheet. Do you have a balance sheet at 30 June?

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900