What if I have already relied upon and reported the depreciation calculations within MYOB AssetManager Pro to the ATO or in my company financial accounts?
The old value for the Diminishing Value calculation within MYOB AssetManager Pro version 3 is 150% of an asset’s effective life and thus any depreciations values for assets entered on or after 10 May 2006 would under calculate the depreciation expense portion. Any depreciation claims reported to the ATO would also be under calculated and there would be no detrimental impact of this with the ATO. The depreciation expense value reported on company financial accounts would likewise have been under calculated. In these circumstances we suggest that you discuss any possible issues with your accountant or tax advisor.
