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What is Asset Protection Asset protection is to do with protecting your assets ... and personal affairs in such a way that your assets are protected from the grasp of people who may want to get their hands on it for various reasons. Asset ... ..You do not knowwhen a crisis will occur or when disaster will strike... ur assets but everything to do with structuring your affairs so that your assets are kept outside..
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Assets No Longer in Use You may claim the remaining adjusted tax value of a depreciable asset that you have not disposed of if: you no longer use the asset ... to use the asset in a business or in the future to derive gross income and the cost of disposing of the asset would be more than any proceeds from disposing of the asset and the asset is neither a building nor an asset being depreciated..
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A Loss on Disposal or Sale Where assets other than buildings are disposed .... When you sell or dispose of an asset for less than its adjusted tax value the difference .... A deduction for loss on disposal does not apply to buildings. If an asset is sold ... of the asset. This may happen if you sold an asset to someone close ... made as if the asset was sold for its market value. The exception to this is when you dispose..
4.
of a business asset you must make an adjustment in your end of year tax return .... Where an asset ceases to be used in a business or if you cease business and dont sell your business assets immediately or if they are kept for private use the loss or gain must be accounted for using the market value of the assets ... in your income tax return for the year after the business ceased or the asset changed..
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Dont Delay your Protection Plan any Longer Asset protection ... at the earliest. It is possible that much can be done to protect your assets .... There is the risk that you could die at any time and leave your affairs and your assets ... the older you become the less opportunity you will have to protect your assets through legal avenues that are available to you. The combination of your assets increasing in value and your age rising..
6.
12 Key Benefits of a Good Asset Protection Plan A sound plan to protect your assets and minimise your tax will reap benefits for you in many areas. These include: Peace of mind: - Youll have peace of mind knowing that most of the assets ... so that you alone with your adviser know what has been done to protect your assets. The ownership of your assets is not known to any other party and therefore is safeguarded..
7.
What is Cost for Depreciation Purposes The cost of an asset is the amount paid ... assets there can be no depreciation because there has been no cost ... in acquiring a capital asset. This includes legal fees charged by a solicitor ... of expenditure may be added to the cost of the asset purchased when calculating depreciation on that asset. The depreciation you calculate each year is deducted..
8.
rates both DV and SL which apply for assets acquired on or after 1 April 1993. Special provisions apply for assets acquired during the 1995 income year. The general rates cannot be used for assets acquired prior to 1 April 1993. The schedule for the general rates is set out in 2 categories: Industry Asset When assets ... category. When the asset is typically used in a variety of different industries..
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. However there may be situations where you can elect for an asset to not be depreciable property ... of the asset and when calculating the depreciation recovered. If you do not claim depreciation in your tax return the adjusted tax value of the asset ... For depreciation recovery purposes where the asset is disposed of for a value ... do not have to have claimed extra depreciation on excluded depreciable assets..
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Straight Line SL This method is used whereby the cost of the asset is spread equally over the estimated period of life of the asset. It is fixed firmly on the cost price and even though the assets written down value in the books ...: Adjusted Depreciation tax value of 24 Year 1 10000 - equals 2400 Year 2 7600 - equals 2400 Year 3 5200 - equals 2400 Pooling Assets The pooling method allows..
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Records of Fixed Assets An asset is something the business owns. A fixed asset is an asset you generally expect to use in your business for more than a year. You cannot deduct the full cost of purchasing these assets from your taxable .... You need to prove the purchase and sale of any fixed asset with a tax invoice. If you start using a private asset for business purposes or if you keep business assets..
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by way of a deduction over a period the cost of assets used in your business to produce income. You claim depreciation on fixed assets used in your business that have a useful ... as that part of the costs of a fixed asset to its owner which is not recoverable when the asset ... of an asset written off against income over the life of that asset ... and so on. You are not allowed to deduct the full cost of these assets..
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Points of Depreciation Law Depreciation law relates to all depreciable assets ... you elect that particular assets are not to be treated as depreciable assets ... once the asset is owned by you and is used or available for use in deriving ... for assets acquired in the 1996 income year and subsequent years with a 20 loading to the depreciation rates for most new assets. For assets you acquired..
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must be able to substantiate your depreciation claims purchases and sale of your business assets .... You must keep your records for at least 7 years. Fixed Asset Records You will have to keep a fixed asset register to show assets you will be depreciating. This should show the depreciation claimed and adjusted tax value of each asset. The adjusted tax value is the assets cost price less all depreciation calculated..
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that are: Used in business for the production of income Assets on which depreciation ... is the Basis The basis for all depreciation is the cost of the asset ... or associated and who may charge one another for assets at inflated prices the Tax Act ... Depreciation A depreciation deduction for a particular asset is only allowed once you own the asset and it is used or available for use in deriving your gross income..
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Category 2: Efficiency Ratios If you are running an efficient business ... with making sure that you are using the best of your assets. You can determine this by calculating some efficiency ratios ... Asset Turnover Total Asset Turnover 1. Stock Turnover Ratio: This ratio ... at cost 2. Accounts Receivable Turnover Ratio: Accounts receivable are sales ... is affected. 3. Fixed Asset Turnover: Fixed asset turnover is the ratio..
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you acquired the asset. There are 2 groups of rates: General depreciation rates Historic ...Common Assets and General Rates The table below shows the depreciation rates for certain commonly used assets. New assets acquired after 1 April 1995 ... for assets acquired in the 1996 income year or later you can use our depreciation rate finder. Straight line Diminishing value Asset General rate Rate plus 20..
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that may need to be made including how the various ways of disposing of depreciable assets will be treated .... Newly acquired assets Private use of business assets Transferring depreciable assets between associated persons Private assets becoming business assets Disposals Transferring assets under a matrimonial agreement Transferring depreciable assets between 100 group companies Local authority trading enterprises..
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. Protection from Creditors. By having assets that you or your business owns safely secured in a trust any potential loss of those assets to creditors if the business runs into trouble is averted. A trust is used to protect assets .... If you transfer your assets into a family trust while you are alive then those assets will not be subject to any claims after your death from family..
20.
Category 2: Efficiency Ratios If you are running an efficient business ... with making sure that you are using the best of your assets. You can determine this by calculating some efficiency ratios ... asset turnover. Total asset turnover. 1. Stock Turnover Ratio: This ratio ... at cost 2. Accounts Receivable Turnover Ratio: Accounts receivable are sales ... is affected. 3. Fixed Asset Turnover: Fixed asset turnover is the ratio..
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