SearchCan items which have depreciated below $500 be written off?
Dean Clisby asks:
(updated on Wednesday, November 15th 2006)
Our Experts Answer:
Wouldn't that be nice? Unfortunately the answer is no, you cannot just write them off when the book value of the depreciated asset goes below $500. Of course, if for example, you no longer use the asset or it has broken and won't be repaired, make sure you keep a record or it, throw the asset away, and then you can write it off, regardless of what its value is.Kenina Court is a director of Acorn Solutions Limited, an accounting firm dedicated to working with clients to help them create wealth. She is an avid property investor, entrepreneur and seminar presenter on asset protection and wealth strategies.
Most Read
| Unity First Home Buyer special | 4.15 |
| SBS FirstHome Combo | 4.29 |
| ICBC | 4.49 |
| Kainga Ora | 4.59 |
| SBS Bank Special | 4.69 |
| AIA - Go Home Loans | 4.75 |
| China Construction Bank | 4.85 |
| Co-operative Bank - First Home Special | 4.89 |
| Kiwibank Special | 4.95 |
| TSB Special | 4.99 |
| Westpac Special | 4.99 |
| China Construction Bank | 4.95 |
| Kainga Ora | 4.95 |
| ICBC | 4.99 |
| SBS Bank Special | 5.29 |
| Co-operative Bank - First Home Special | 5.29 |
| Kiwibank Special | 5.39 |
| ASB Bank | 5.45 |
| Westpac Special | 5.45 |
| BNZ - Std | 5.45 |
| AIA - Go Home Loans | 5.45 |
| Co-operative Bank - Owner Occ | 5.45 |
| SBS Bank Special | 5.49 |
| BNZ - Std | 5.49 |
| Westpac Special | 5.49 |
| ASB Bank | 5.59 |
| AIA - Go Home Loans | 5.59 |
| ICBC | 5.65 |
| Kiwibank Special | 5.69 |
| Kainga Ora | 5.69 |
| Co-operative Bank - First Home Special | 5.89 |
| Co-operative Bank - Owner Occ | 5.99 |
| TSB Special | 5.99 |
| SBS FirstHome Combo | 3.29 |
| AIA - Back My Build | 3.34 |
| SBS Construction lending for FHB | 3.74 |
| CFML 321 Loans | 4.20 |
| Co-operative Bank - Standard | 5.34 |
| Co-operative Bank - Owner Occ | 5.34 |
| ICBC | 5.39 |
| Kainga Ora | 5.79 |
| Heartland Bank - Online | 5.80 |
| SBS Bank | 5.84 |
| Pepper Money Prime | 5.99 |
