This article contains information on some of the Frequently Asked Questions for Depreciation.

My depreciation schedule is set up separate from the property, how do I change this?

If it's a first-year entity on Class and you haven't completed a period update or you can roll this back, refer to How to move depreciable assets into a property (first year entity on Class).

If more than one period update has occurred and you don't want to roll this back refer to How to move depreciable assets into a property (second year entity on Class)

Why doesn't Capital works depreciation (CWD) show on the Profit and Loss statement? 

In the Depreciation Worksheet, CWD under Division 43 is for tax purposes and will only show as a deduction in Section C of the annual return for the SMSF not on the Profit & Loss Statement.

For Trusts, refer to How to include Capital Works Depreciation (CWD) in Accounting Book Cost (Trusts)

What does the error "copy all of the unsold Fixed Assets from the last FY to this FY" mean?

The property has purchased some new assets during the Financial year and either has not added them to the depreciation Worksheet or has not sold them. 

Refer to add a new Fixed Asset to a Depreciation Worksheet

Why is there a loss for the property disposal when it should be a gain?

If you have used a depreciation worksheet check that the Disposal information was not manually entered against each depreciable asset.

The correct way to dispose of assets in a Depreciation Worksheet is to click the Sell All button and Class will do the calculation automatically.

Refer to Depreciation sale/disposal

Why has Class duplicated my depreciation calculation?

This will occur when you try to use the Depreciation Worksheet to calculate depreciation as well as manually record depreciation. The Depreciation worksheet automatically calculates the depreciation each year once an asset is set up.

You can't use both methods of Depreciation Worksheet and manually record Depreciation for the same property.

What does the following error mean when trying to process a period update?

I can't run a period update for a year as I encounter the following error".... cannot be matched due to zero remaining book cost".

This is likely caused by not setting up the Depreciation Worksheet correctly and having a residual balance showing. If this error appears in subsequent years it may be that you set up one asset and the Closing Written Down Value of that asset is now zero but a non-depreciable asset was never set up. 

To resolve this, set up fixed assets including non-depreciable in the depreciation worksheet so that there is no residual. Refer to this article.

How can I use a Depreciation Worksheet to update the purchase date when deposit and settlement occur in different financial years?

You can refer to how to process a property purchase across Financial Years on the whole process but once you set up the Depreciation Worksheet you are able to update the purchase date to record the correct date for CGT purposes.