Entering the figures in the worksheet
In this example, a motor vehicle has been purchased for $150000, which exceeds the luxury motor vehicle limit. The motor vehicle will be depreciated using the diminishing value method.
Within the Depreciation worksheet, enter the total value of the motor vehicle in Total Cost.
Enter the luxury motor vehicle limit amount in Acquisition Cost under Additions together with the Acquisition Date. See the ATO's luxury car tax rate and thresholds for current values.
Notes:
If you are using the Prime Cost method of depreciation, the program uses the Total Cost figure to determine the Decline in Value figure. To override the automatic Decline in Value calculation, enter your manually calculated figure at Decline in Value.
If you are using the Diminishing Value method of depreciation, the program uses the Opening Written Down figure to determine the Decline in Value figure. To override the automatic Decline in Value calculation, enter your manually calculated figure at Decline in Value.