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  • Bookkeeping and record keeping

    Modern bookkeeping systems generally calculate depreciation for you, but ensure you have chosen the right settings to apply the simplified depreciation rules.

    In line with the record-keeping requirements for taxpayers generally, you must keep records for five years of:

    • how you worked out your opening pool balance
    • any change in how much you use the asset in your business
    • any assets you dispose of.
      Last modified: 23 Jun 2020QC 21100