Hey all, looking for an excel guru out there
I have a six year old depreciation schedule, and I need to figure out how to extend the useful life of it... (you're speaking to my accountant)
As it stands, I know everything on a standard DepSched. - original cost, already claimed, the residual and the percentage rate (I used diminishing value not prime cost) and figure there must be an excel forumula to do this...
Playing around with the help on the forumula's built into Excel none of them look quite right. DB, SLN etc. None of them seem to be based on percentage rates (is that a USA/Aust tax law difference I wonder)
As an example:
My dishwasher was installed Feb 2000. Cost of $1650. Claimed by others $577. Diminshing Value percentage is 20% So for the part year rented 01/02 it had $76 to claim.
02/03 $199 03/04 $159 04/05 $128 05/06 $102 Residual is $408 06/07 $????
Looking at it, it seems like the formula is Previous years figure x (1-DimVal%) or in this case times 80%. Is it really that simple?
Many thanks, and happy Easter!
I have a six year old depreciation schedule, and I need to figure out how to extend the useful life of it... (you're speaking to my accountant)
As it stands, I know everything on a standard DepSched. - original cost, already claimed, the residual and the percentage rate (I used diminishing value not prime cost) and figure there must be an excel forumula to do this...
Playing around with the help on the forumula's built into Excel none of them look quite right. DB, SLN etc. None of them seem to be based on percentage rates (is that a USA/Aust tax law difference I wonder)
As an example:
My dishwasher was installed Feb 2000. Cost of $1650. Claimed by others $577. Diminshing Value percentage is 20% So for the part year rented 01/02 it had $76 to claim.
02/03 $199 03/04 $159 04/05 $128 05/06 $102 Residual is $408 06/07 $????
Looking at it, it seems like the formula is Previous years figure x (1-DimVal%) or in this case times 80%. Is it really that simple?
Many thanks, and happy Easter!
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