Fixed Assets - Add 3-year depreciation schedule for Small Business Corporations in South Africa
Small Business Corporations (SBC's) can, under certain circumstances, depreciate assets in a 3-year schedule as follows:
- 1st year: 50%
- 2nd year: 30%
- 3rd year: 20%
See the attached document, under 4.2.
Currently, this is not possible (I checked with Support).
I expect this to work within Xero, as it is a regular tax rule in South Africa.
Adding this schedule for South Africa would be extremely useful and important, as we now have to do the depreciation outside of Xero.
Edmund Lodewijks
shared this idea
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Adam Appel
commented
The addition of the accelerated depreciation method used by South African SCBs to Xero Accounting would reduce the need for manual workarounds and improve compliance and efficiency. This method is used by many SBC's and aligns with local tax regulations and financial reporting standards. Including it as an option in Xero would significantly enhance usability for South African businesses.
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Michelle Geldenhuys
commented
Please prioritize this feature. This depreciation method for SBCs has been an option for more than 10 years. It should have been included as a standard depreciation method in Xero for South Africa.
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Amy Wahl
commented
Has there been any update on this from Xero?
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Andrew MacRobert
commented
This is crucial for our practice, as the majority of our clients make use of this depreciation method.
Xero please add this to the depreciation options.