The accelerated depreciation rules enable Small Business Entities to write off newly purchased assets below a certain value, based on the year as determined by the ATO. You can view the instant asset write-off thresholds on the ATO website.
How to record an instant asset write off in HandiLedger
Log in to HandiLedger and Select the entity.
Go to View, Depreciation Schedule.
Click Asset, New and enter the required information.
Under Depreciation, set the Type to Write-Off.
Save, Close.
The Depreciation Schedule report will reflect the asset type as W to indicate that the asset has been written off. It will continue to appear on future years' reports until it is disposed.
Alternatively, you can classify the asset as an expense and write it off to Profit and Loss.
Note: There is no function to bulk write off assets in HandiLedger unless the assets are in a depreciation pool.