Depreciable assets of an investment property can now be linked to the property via the Chart of Accounts. The purpose of linking a depreciable asset to an investment property is that the depreciation of the depreciable assets will be included in the Rental Property Statement of the investment property.
- The separate depreciable assets will need to be added to the fund's chart of accounts before proceeding. Refer to Separate Depreciable Assets for further instructions.
- Adding the asset in step 1 with the Depreciation checkbox selected will create a subsequent 33400 depreciation account to be used for recording depreciation for the separate depreciable assets. depreciation can be recorded one of two ways, manually or using the depreciation schedule. Refer to How to Enter Depreciation for instructions.
- In the Chart of Accounts, locate the investment property (account 77200 or 77250 for Australian properties, 77300 or 77350 for overseas properties) and edit the account.
- The Depreciable Assets Linked Accounts field will appear. Search and select the assets created in step 1.
- Select Save.
- Prepare the Rental Property Statements. Note: Rental property statements will show a combined amount of depreciation for a property and any linked separate depreciable assets.