Although business assets depreciate over time, the fact that you can claim a certain amount of money from wear and tear makes up for the reduced value. However, the only way you can claim depreciation on business assets is to prepare a valid schedule and submit it to the Australian Tax Office (ATO). Unfortunately, most startups think they can rely on an accountant to prepare a tax depreciation schedule. While it is true that tax accountants know much about tax laws, they know little about buildings and equipment.
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