Depreciation schedule and fixed asset register
What you own, what it cost, how it is being depreciated and what it is worth now. Choose prime cost or diminishing value per asset and the rate, annual deduction and written-down value calculate themselves.
Depreciation schedule template
Excel (.xlsx) · 60 assets · no signup
General information only, not tax or accounting advice.
This template is general information for Australian businesses. GST treatment, account coding, reporting obligations and deduction eligibility depend on your circumstances — confirm them with your accountant, a registered BAS agent or the ATO. It does not constitute legal, HR, or professional advice and should not be relied on as a substitute for advice specific to your business, workforce, or circumstances.
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What's in the depreciation schedule
A fixed asset register and a depreciation calculation in one sheet.
Asset register
Description, category, purchase date and cost — the record of what the business actually owns.
Both methods
Pick prime cost or diminishing value per asset and the rate column adjusts. No separate sheets to maintain.
Rate from effective life
Prime cost is one over the effective life; diminishing value is two over it. Change the life and everything follows.
Annual depreciation
Cost multiplied by rate, rounded, calculated per asset and totalled at the bottom.
Written-down value
Cost less accumulated depreciation — the closing book value that carries to your balance sheet.
GST guidance built in
Record assets at GST-exclusive cost if you are registered, and claim the credit separately.
The same asset, both methods
A $6,000 asset with a five-year effective life. Same total deduction over the life; different timing.
| Method | Rate | Year 1 | Year 2 | Year 3 | Pattern |
|---|---|---|---|---|---|
| Prime cost | 20% | $1,200 | $1,200 | $1,200 | Even across the life |
| Diminishing value | 40% | $2,400 | $1,440 | $864 | Front-loaded, tapering |
Diminishing value brings the deduction forward, which suits a business wanting the benefit sooner. Prime cost is simpler and matches the expense to the use. Neither is “better” — it depends on the year you are in.
The rules worth knowing before you fill it in
Depreciation is one of the areas where small business concessions change frequently, so check the current position rather than carrying forward an assumption.
Effective life
The ATO publishes effective lives by asset type. You can use the Commissioner determination or self-assess, but be able to justify a self-assessed figure.
GST-exclusive cost
If you are registered for GST, depreciate the GST-exclusive cost and claim the credit separately. Depreciating the inclusive figure overstates the deduction.
Part-year in year one
An asset bought in March is generally only depreciated for the part of the year it was held and used. Pro-rate the first year.
Disposals
When an asset is sold or scrapped, there is usually a balancing adjustment between the written-down value and what you received. Do not just delete the row.
Instant asset write-off and pooling change often
Small business depreciation concessions have applied at different thresholds in different income years, and eligibility rules have moved with them. This template calculates ordinary depreciation.
If an asset qualified for an immediate write-off, record that in the notes column rather than depreciating it here — and confirm the threshold that applied in the year of purchase, not the current one.
The car limit
There is a car limit that caps both the depreciation and the GST credit you can claim on a passenger vehicle, regardless of what you paid. It is indexed and changes most years.
If you are entering a car above that threshold, check the limit for the relevant income year before using the full cost.
Who needs a depreciation schedule
Any business with equipment
Once you own assets rather than just expensing purchases, you need a register to track them.
Bookkeepers preparing for year end
The schedule is one of the first things an accountant asks for, and one of the most commonly missing.
Anyone taking over a file
A fixed asset register is on the handover request list precisely because rebuilding one is painful.
Do you prepare fixed asset schedules for clients?
Depreciation is a once-a-year conversation. Payroll is a weekly one, and for shift-based clients it is where the unbilled hours go. Advisors who bring those clients onto RosterElf earn recurring monthly income for every employee managed.
Recurring monthly income
$1.00–$2.00 per active employee
Signup bonus
$100 per new client business
Tiered rates
Bronze through Diamond
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Learn moreDepreciation schedule questions
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A depreciation schedule lists each asset the business owns and shows how its cost is being written off over its effective life — the annual deduction, the accumulated total, and the remaining written-down value.
It doubles as the fixed asset register, which is the record of what you actually own.
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Prime cost spreads the cost evenly across the effective life. Diminishing value applies a higher rate to the reducing balance, so more of the deduction lands in the early years.
The total deduction over the life of the asset is the same. Diminishing value suits a business that wants the benefit sooner; prime cost is simpler and matches the expense to the use. You can generally choose per asset, but not change methods for an asset once chosen.
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The ATO publishes a determination of effective lives by asset type, which is the safest option. You can self-assess instead, based on how long you expect the asset to be used, but you need to be able to justify it.
Enter the years in the effective life column and the rate calculates from it.
Before you download
General information only — not legal advice
This document is a general HR template provided for informational purposes only. It is not legal advice and may not reflect the latest changes in legislation or apply to every workplace situation. RosterElf Pty Ltd and the template provider accept no liability for any loss arising from reliance on this document. Users should seek independent legal advice and customise the template to ensure it complies with all relevant laws, awards and workplace requirements.