Depreciation Flashcards
1
Q
Diminishing value method
A
Annual Rate * Cost (cost - dep for next years) * amount of time during year
2
Q
Straight line method
A
Annual rate * full cost * amount of time during the year
3
Q
What is a Low value assets write off?
A
Can claim a deduction for the cost of depreciation on property in the year of acquisition when the cost is <1000 and item qualifies for depreciation in that year
