For many organisations, the tax fixed asset register has often been seen as a source of administration and burden. The process of categorising expenditure for capital allowances is a highly manual process.
There are also increased risks resulting from over-depreciation of assets caused by erroneous Excel formulas or selection of depreciation methods not in accordance with legislative requirements.
A streamlined register health check prior to a risk review or audit could be a far more efficient and cost effective approach than notification from any ATO of the errors presiding in the tax register.
KPMG helps by combining sophisticated data analytics software with comprehensive tests to uncover potential risks through to opportunities. Our insights help demonstrate consistent and transparent procedures and controls as well as optimising the capital allowance position for tax.
KPMG has extensive experience analysing tax fixed asset registers in a variety of industries including transport, retail, mining and manufacturing.