An Asset Register is the record that tracks a business’s physical assets.
This includes machinery, tools, shelving, computer systems, hardware and even buildings. It documents a range of information relating to each individual asset and stores it in a central repository, ie the Asset Register. The data captured includes information such as:
- The asset class or category
- Its physical location on the premises
- A description of its physical attributes and condition Asset registration number
- Make, model, and serial number Purchase date and cost Warranty effective dates
- Useful life
This in itself is a valuable asset ID and tracking tool, however once established and regularly updated, the asset register allows the owner to apply the various depreciation rates stipulated by the Australian Taxation Office to calculate an annual depreciation expense. This delivers an improved tax position in the company’s Financial Statements.
An Asset Reports Asset Register establishes an exact record of fixed and mobile assets and of Plant & Equipment contained in and around our clients’ properties
This is prepared in a detailed schedule that tracks short-term useful life of each asset down to scrap, and the long-term depreciation rates of longer life assets such as property and large capital assets.