Adding an Asset
Before Ezyiah can calculate a depreciation schedule, you need to add the depreciable assets for the client. Each asset is added individually with its cost, category, depreciation method and other details.
Step 1 — Open Depreciation
Click the Depreciation tab in the top navigation bar. If no assets have been added yet, the No Assets Found screen appears. Click Add Your First Asset.
Once assets exist, you can add more at any time using the Add Asset button in the top right corner.
Step 2 — Fill in the Asset Details
The Add New Asset modal opens with a Depreciation section. Fill in the following fields:
Asset Name — the name of the asset (e.g. Drain Inspection Camera & Locator)
Category — select the asset category from the dropdown (e.g. Tools & Equipment)
Total Cost — the total purchase price including GST
Acq Cost — the acquisition cost excluding GST
GST — the GST component of the purchase price
Rate of Depreciation — the depreciation rate as a percentage
Private Deduct — the percentage of private use to deduct from the deductible amount
Acquisition Date — the date the asset was purchased (DD/MM/YYYY)
Effective Life (years) — the ATO effective life of the asset in years
Depreciation Method — select Diminishing Value or Prime Cost from the dropdown
Step 3 — Instant Write-Off and Disposal (optional)
Scroll down to see two additional options:
Eligible for Instant write-off (up to $20,000) — if the asset qualifies for the ATO's instant asset write-off, this will be indicated here.
Disposal — tick the Disposal checkbox if the asset has been disposed of during the year. A Disposal section appears with two fields:
Disposal Date — the date the asset was sold or disposed of
Consid Received — the consideration (proceeds) received on disposal
Once all details are complete, click Save.
Step 4 — Asset Added to the List
The asset appears in the Depreciation list showing its name, acquired date, category, cost, depreciation method, private use percentage and deductible amount. Click Add Asset in the top right corner to add more assets.
Step 5 — View the Depreciation Schedule
Click the expand arrow on any asset row to view its full depreciation schedule. The schedule shows a year-by-year breakdown with:
Year — the depreciation year number
Opening Value — the asset value at the start of the year
Depreciation — the depreciation amount for the year
Deductible — the tax-deductible depreciation after private use adjustment
Closing Value — the asset value at the end of the year
Accumulated — the total depreciation to date
