For 2023-2024- A SBE client bought asset worth $28,000(inclusive tax), now depreciation under tax would be 15% (plain rate) as moved to small general business pool, but in accounting suppose rate in TABLE B is 25%, So depreciation would be calculated as per day wise and definitely it will be different then in accounting. NTAA advising that depreciation in tax and accounting must be the same in SBE case. So can anyone clarify how can same in above case.
NTAA advising that depreciation in tax and accounting must be the same in SBE case.
Because the small SBE taxpayers do not benefit from FS depn being different from tax depn.
FS for SBE will be a special purpose report, so tax depn OK.
NTAA advising that depreciation in tax and accounting must be the same in SBE case.
Because the small SBE taxpayers do not benefit from FS depn being different from tax depn.
FS for SBE will be a special purpose report, so tax depn OK.
22 Apr 2024 · 6 min read time
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