Anonymous
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Identifying assets in general pool

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Hi all. 

Long time lurker, first time poster here. Please be gentle with me. I just wanted to see the general consensus here.

When picking up new clients with numerous assets identified in the general pool which have all claimed 100% AIA's hense the WDV b/fwd is Nil, would you separately identify all these assets at nil wdv b/fwd on your tax software or not?

These are assets still held in the business but no WDV. Would it be prudent to list all the assets at nil WDV b/fwd so they are there when you dispose of the asset or just leave it out completely ?

I would normally list them all but not sure if it's really necessary?

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By Truthsayer
03rd Feb 2020 23:37

I have never bothered. The only conceivable reason why you would need to know the cost of an item brought forward is if the sales proceeds were higher than original cost. But that is vanishingly rare.

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paddle steamer
By DJKL
04th Feb 2020 09:42

Having a list to value them at cessation of trade if say taken by owner personally is another, however owner can likely just look around their premises and write you a list.

I have the joys of doing this pending re my own company which is heading to oblivion, though what value in a wonky desk, chair etc no idea- frankly the only things with even limited value are my filing unit, laptop, printer and shredder.

I used to list additions in my working papers for clients each year but generally would not bother carrying a fixed asset register except with a much larger value of assets held than most had.

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Mohit Baheti
By camohitbaheti
04th Feb 2020 11:29

In the software we are using, the assets will get carried forward with a click of a button from year to year. So when you have already added them as a separate entry initially, there is no additional work moving ahead. This method (of keeping all assets' records separately) is also very helpful at the time of disposal of assets as pointed out by Truthsayer.

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RLI
By lionofludesch
04th Feb 2020 16:27

Bit surprised to see Anonymous described as a "first time poster".

We get a post from Anonymous every few hours.

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