Asset register — track depreciating assets and their written-down value

​

What problem does the asset register solve?

Some of what you buy for the business is not deducted in the year you buy it. A laptop, a vehicle, a camera, a shop fit-out: each one lasts years, so the tax claim is spread across those years, and each year’s share depends on what you paid, when you started using it, the method you chose and how much of its use is private. Nothing in a bank feed tracks any of that. The transaction records a single outgoing on a single day, and from then on the written-down value lives in a spreadsheet somebody has to remember to update, or in your accountant’s working papers where you cannot see it. The asset register keeps that record where the purchase already is. You add the asset once, linked to the bank transaction it came from, and Fin works out every year that follows, including the year you sell it. The depreciation schedule under Tax Filing reads straight from the register, so the written-down values on the register and the figures on the report always agree.

​

How does a purchase become an asset?

Fin never decides on its own that something you bought is an asset. Capital is a decision you make, on a transaction or on a category, and the register only ever responds to that decision. The importer used to guess “capital expense” from a description keyword; it no longer does, because a guess that flows into a depreciation claim as a fact is worse than no guess at all. A dismissal is not permanent in the sense of being unrecoverable: it marks that transaction as answered so it stops appearing, and it can be cleared through the API if you change your mind. What it never does is change the transaction’s treatment, because “not an asset for the register” and “not a capital purchase for the activity statement” are different statements and you may mean only the first.

​

What do you enter for an asset?

The form asks for the same things in every country, then adds the fields your country’s rules need (listed under each country below).

​

Why is the written-down value recalculated rather than stored?

The value an asset is written down to at the start of a year depends on the cost, the method, the effective life and every day you have held it since acquisition. Store that number and it stops being a calculation and becomes a snapshot. Correct a typo in the cost, switch methods because your accountant said so, fix an effective life you guessed at, and a stored figure would keep the old number for every later year with nothing on the page to show it had drifted. So every time you open the register or the schedule, Fin replays the asset from the year you acquired it, and the financial-year selector on the register shows written-down values that follow the depreciation schedule for that year.

​

What happens when you sell or scrap an asset?

Choose Record a disposal on the asset and enter the date and the consideration received, which is zero if you scrapped it or gave it away. In the year of disposal the days held stop at that date, that year’s decline is taken, and the balancing adjustment is measured against the written-down value that results. Disposed assets stay on the register under their own heading so the schedule for the year of sale still shows the adjustment. The adjustment is flagged for your accountant to assess; Fin never writes it into a return.

​

How does depreciation work in your country?

Fin carries a verified rule set for nine countries. Each one was checked against the authority’s own published guidance, and every link below goes to that guidance. The vocabulary changes from country to country, so the register and the schedule use your country’s words: the written-down figure is an adjustable value in Australia, an adjusted tax value in New Zealand, a written down value in the United Kingdom, undepreciated capital cost in Canada, adjusted basis in the United States, the written down value of the block in India, tax written down value in Singapore and Ireland, and income tax value in South Africa.

​

Australia

What it is called: a depreciating asset, claimed as a decline in value. The written-down figure is the adjustable value, and the rate follows from the effective life. When it applies: assets you hold for a taxable purpose, claimed for the days in the income year you held them. A small business using the simplified depreciation rules can instead write an asset off immediately where it costs less than the instant asset write-off limit for that year, and pool the rest. The register does not print that limit unless it has been confirmed for the year; otherwise it asks you to confirm the current limit with the ATO or a registered tax agent. How it works in Fin:

1. Record the cost (GST-exclusive if you claim the GST credit) and the date it was first used or installed ready for use.
2. Take the Commissioner’s effective life for the asset, or self-assess your own; the rate follows from it.
3. Prime cost claims the same amount each year: cost × days held ÷ 365 × 100% ÷ effective life.
4. Diminishing value claims more early: adjustable value × days held ÷ 365 × 200% ÷ effective life, and the claim is your taxable-use share of that decline.

An income year that contains a 29 February is 366 days long, and Fin divides by the actual length of the year, so a full year is always exactly one year’s decline. Private use does not slow the asset down: a car used 40% privately still writes down at the full rate, and you claim 60% of each year’s decline. Extra fields: none beyond the common ones. Methods offered: prime cost, diminishing value, immediate write-off and pool. Read more: Prime cost (straight line) and diminishing value methods and Simpler depreciation for small business, both on the ATO’s site.

​

New Zealand

What it is called: depreciation, at the rate Inland Revenue sets for that asset. The written-down figure is the adjusted tax value. When it applies: anything costing more than the low value asset threshold, which is $1,000 for purchases from 17 March 2021, GST-exclusive if you are GST registered. Under that, claim it straight away. New assets bought from 22 May 2025 get 20% up front under Investment Boost, with the remaining 80% depreciated as usual. How it works in Fin:

1. Record the cost (less GST if you are GST registered) and the month you bought it or first used it for business.
2. Find the asset’s diminishing value (DV) or straight line (SL) rate in IR265.
3. Diminishing value: cost × DV rate in year one, then adjusted tax value × DV rate each year after. Straight line: cost × SL rate every year.
4. Bought part-way through the year? Count the months you used it, part-months as whole months, and claim that many twelfths. Then claim your business-use share.

Extra fields: Bought new (not second-hand). Investment Boost applies only to new assets bought from 22 May 2025; leave this off for a second-hand asset and it is depreciated in full. Read more: Inland Revenue’s pages on claiming depreciation, working out diminishing value depreciation, working out straight line depreciation, Investment Boost for new assets and the IR265 general depreciation rates (March 2026).

​

United Kingdom

What it is called: capital allowances. HMRC groups equipment into pools and you claim a writing-down allowance on the pool, not on each item. The written-down figure is the written down value of the pool. When it applies: if you are a sole trader on the cash basis, this only applies to business cars, because other equipment is simply an expense. On traditional accounting, most kit is covered in full by the annual investment allowance (£1,000,000 a year, pro-rated for a shorter period), and what that does not cover joins a pool. How it works in Fin:

1. Add each purchase to its pool: the main pool for most plant, the special rate pool for integral features and long-life assets, and cars by their CO₂ figure and purchase date.
2. Claim the annual investment allowance against what qualifies (not cars, not second-hand items) and any first-year allowance, which is 40% on new main rate plant bought from 1 January 2026, with the other 60% written down from the next period.
3. Take disposal proceeds out of the pool, capped at what the item cost. If that takes the pool below zero, the difference is a balancing charge on your return.
4. Claim the writing-down allowance on what is left: 18% of the main pool (14% from April 2026) and 6% of the special rate pool. A main or special rate pool at £1,000 or less can be claimed in full instead. The remainder is the written down value you carry forward.

Because the claim is on the pool, the depreciation schedule for the United Kingdom is a pool statement rather than a per-asset table. Extra fields: Who is claiming (sole trader or partnership under Income Tax, or a company under Corporation Tax), which sets which April the 14% main pool rate starts and whether full expensing, which is for companies only, applies. This is a car, because cars are pooled by CO₂ and purchase date and are the only assets a cash-basis sole trader can claim on. CO₂ emissions (g/km) for cars, where 50 g/km or less goes to the main pool and over 50 g/km to the special rate pool for purchases from April 2021, and a fully electric car is entered as 0. Bought new and unused, because the 40% first-year allowance, full expensing and the 100% allowance for zero-emission cars apply to new and unused items only. Read more: the gov.uk guidance on capital allowances, the annual investment allowance, the 40% first-year allowance, business cars, rates and pools and working out what you can claim.

​

Canada

What it is called: capital cost allowance (CCA) on depreciable property. The CRA groups assets into numbered classes, each with its own rate, and you claim on the class balance. The written-down figure is the undepreciated capital cost (UCC). When it applies: anything you buy to earn business income and keep for more than a year. In the year you buy it you normally claim on half the net additions to the class (the half-year rule); for property bought after 20 November 2018 and in use before 2028 the accelerated investment incentive sets that aside, so you claim the full rate on the whole addition (one-and-a-half times it before 2024). A passenger vehicle that cost more than the prescribed amount before tax ($38,000 for 2025) goes in class 10.1 on its own, with its cost capped. Claiming CCA is optional: you can claim any amount from zero up to the maximum, and what you leave stays in the class for later. How it works in Fin:

1. Start each class with its undepreciated capital cost from last year, add what you bought this year, and take off what you sold at the lesser of the proceeds and what it cost.
2. If that balance goes below zero, the difference is a recapture you add to income. If it is positive but nothing is left in the class, it is a terminal loss you deduct. Either way the class closes at zero.
3. Otherwise work out the base amount: the balance, less half the net additions under the half-year rule, or, under the accelerated investment incentive, the whole net addition (plus another half of it before 2024). A zero-emission vehicle gets its own uplift (100%, 75% or 55% of cost in the first year).
4. Claim CCA at the class rate on that base (4% buildings, 20% equipment, 30% vehicles, 55% computers, 100% small tools and software) up to the maximum, prorated by days over 365 for a short first fiscal period. The balance less what you claimed is next year’s opening UCC.

The schedule for Canada is a class statement, one block per class, rather than a per-asset table. Extra fields: CCA class (1, 8, 10, 10.1, 12, 14.1, 50, 54 or 55). Leave it blank and Fin suggests one from what the asset is and what it cost; set it where you know better. Zero-emission vehicle for a fully electric, plug-in hybrid (battery of at least 7 kWh) or hydrogen fuel cell vehicle bought after 18 March 2019, which goes in class 54 (or 55 for a taxi or rental vehicle) with an enhanced first-year claim. Available for use, the date the property was first used to earn income if later than the purchase date, because the half-year rule, the accelerated investment incentive and the zero-emission vehicle phase-out all key on that year. Read more: the CRA’s pages on claiming capital cost allowance, classes of depreciable property, the accelerated investment incentive, basic information about capital cost allowance and Guide T4002, Chapter 4.

​

United States

What it is called: the depreciation deduction on depreciable property, under MACRS. The written-down figure is the adjusted basis, and the rate is the percentage the IRS table prints for each year of the recovery period. When it applies: property you own and use in your business for more than a year. Most equipment is written off in the year you buy it, because the section 179 deduction, 100% bonus depreciation and the $2,500 de minimis election usually cover the whole cost; the MACRS schedule is for what those leave behind, and for cars over the annual cap. The IRS assigns each asset a recovery period (5 years for computers, cars and trucks, 7 for office furniture) and publishes the percentage of the cost deductible each year. Buy more than 40$20,300 in year one for 2026, with bonus) no matter how much the elections would otherwise allow. How it works in Fin:

1. Expense what you can first: items up to $2,500 under the de minimis election, then the section 179 deduction up to the annual limit, then bonus depreciation, which is 100% for property acquired and placed in service after 19 January 2025 and 40% if it was acquired earlier.
2. Whatever basis is left gets a recovery period from Publication 946 (Table B-1) and a convention: half-year normally, mid-quarter if more than 40% of the year’s purchases landed in the fourth quarter.
3. Each year, deduct the percentage the IRS table prints for that year of the recovery period times the remaining basis. There is no formula to run; the table is the answer.
4. For a car, compare the year’s total against the section 280F cap and claim the smaller; anything the cap holds back waits for later years.

Extra fields: Asset class (Table B-1), for example office furniture (7-year), computers (5-year), automobiles (5-year), light or heavy trucks (5-year), trailers (5-year) or land improvements (15-year); leave it blank and Fin suggests one. Placed in service, the date the property was first ready and available for use if later than the purchase date, because the convention, the bonus percentage and the automobile caps all key on it. Passenger automobile, for a car or a truck or van rated 6,000 pounds gross vehicle weight or less, which is subject to the annual section 280F caps. Applicable financial statement, which raises the de minimis safe harbor from $2,500 to$5,000 per item or invoice if the business has audited statements. Read more: the IRS’s Publication 946, How To Depreciate Property, Topic No. 704, Depreciation, About Form 4562 and the tangible property regulations (de minimis safe harbor).

​

India

What it is called: depreciation on a block of assets. Assets are grouped into blocks (buildings, furniture, machinery, vehicles, computers, intangibles) and depreciation is a fixed percentage of each block’s written down value, not of each item. When it applies: anything you own and use for your business or profession during the tax year, 1 April to 31 March. An asset bought during the year and put to use for fewer than 180 days earns half the rate in that first year. If you manufacture goods or generate power, new plant and machinery earns an extra 20% of cost in the year it is installed (10% now and 10% next year when used under 180 days). Sale proceeds come off the block rather than producing a per-asset profit or loss. How it works in Fin:

1. Start each block with its written down value from last year, add what you bought at actual cost, and take off the moneys received for anything sold.
2. Claim the block’s Appendix I rate on that balance (10% furniture, 15% machinery and cars, 30% hire vehicles, 40% computers and software, 25% intangibles), with half the rate on additions used under 180 days.
3. The balance after depreciation is next year’s written down value; the same asset earns the full rate from its second year.
4. If sale proceeds exceed the block, or the block is left empty, the difference is a short-term capital gain or loss on the return. Flag it for your tax adviser rather than depreciating.

The schedule for India is a block statement, one block per Appendix I block, rather than a per-asset table. Extra fields: Block of assets (residential buildings, other buildings, temporary erections, furniture and fittings, general plant and machinery, motor cars, hire vehicles, aeroplanes, computers and software, professional books, ships, intangibles); leave it blank and Fin suggests one. Days put to use in the first year, because fewer than 180 halves the first-year rate. Manufacturer or power producer, needed for the 20% additional depreciation on new plant and machinery. New asset, because additional depreciation is for new machinery and plant only. Office appliance and Road transport vehicle, both of which are excluded from additional depreciation whatever the business. Read more: the Income Tax Department’s Section 33, Depreciation (Income-tax Act 2025) and Appendix I, table of depreciation rates (Income-tax Rules 2026).

​

Singapore

What it is called: capital allowances on qualifying fixed assets. Book depreciation is not deductible in Singapore; capital allowances replace it, and you pick a write-off method for each asset. The written-down figure is the tax written down value (TWDV). When it applies: plant and machinery used in your trade or business. Most small businesses take three years, or one year for computers, automation equipment and anything costing $5,000 or less (up to$30,000 of such one-year claims per year of assessment). S-plated private passenger cars do not qualify; goods and commercial vehicles do. How it works in Fin:

1. Record the cost (less GST if you claim the input tax) and what the asset is.
2. Pick a method for that asset: one year (computers, automation equipment, or low-value assets up to $5,000), three years (one-third of cost each year), or the working life (20% up front, then the remaining 80% spread over an elected 6, 12 or 16 years).
3. Claim the allowance for each year of assessment. There is no part-year reduction, and unclaimed allowances under sections 19 and 19A(1) can be deferred.
4. The tax written down value is cost less the allowances claimed so far; on disposal, compare the sale price against it for a balancing allowance or charge.

Extra fields: Computer or prescribed automation equipment, which can be written off 100% in one year under section 19A(2). S-plated private passenger car, on which capital allowances cannot be claimed. Working life election (section 19): 6 or 12 years, or 16 for an asset with a 16-year working life; a motor vehicle has a working life of 6 years, and the election is irrevocable from YA 2023. Read more: IRAS’s page on capital allowances.

​

Ireland

What it is called: a wear and tear allowance on plant and machinery: 12.5% of the cost a year, the same amount for 8 years. The written-down figure is the tax written down value. When it applies: assets in use for the trade at the end of the accounting period, on the net cost after grants and any VAT you can reclaim. Cars are capped by CO₂ band against the €24,000 specified limit, and the highest-emission band gets nothing, while commercial vehicles are uncapped. Energy-efficient equipment on the SEAI Triple E register can instead claim 100% in year one under the accelerated capital allowance. How it works in Fin:

1. Record the net cost, after grants and reclaimable VAT, and, for a car, its official CO₂ figure.
2. Work out the allowable cost: the net cost for most assets; for a car, the CO₂-banded figure against the €24,000 specified limit.
3. Claim 12.5% of the allowable cost each year for 8 years, reduced for an accounting period shorter than 12 months, and only where the asset is still in use for the trade at the period end.
4. The tax written down value is the allowable cost less what you have claimed; a disposal triggers a balancing allowance or charge against it.

Extra fields: In use for the trade at the period end (required), because an asset sold, scrapped or idle at the period end claims nothing for the period. Passenger car and CO₂ emissions (g/km): up to 155 g/km is deemed to cost €24,000, 156 to 190 gets half, over 190 gets nothing, and a car with no figure recorded is treated as the highest band. Commercial vehicle (van, lorry), which is not subject to the car cost cap. On the SEAI Triple E register, for the accelerated capital allowance of 100% in year one. Read more: Revenue’s page on capital allowances and deductions and the Tax and Duty Manual Part 11-00-01 on cars.

​

South Africa

What it is called: a wear-and-tear allowance on qualifying assets, over the write-off period SARS publishes for that asset in Interpretation Note 47. The written-down figure is the income tax value. When it applies: qualifying assets owned and used for the trade, on the cash cost excluding finance charges. An item costing less than R7,000 is written off in full in the year you bring it into use, and a set bought together counts as one item. Manufacturing plant (section 12C) and small business corporation assets (section 12E) follow their own faster write-offs instead. How it works in Fin:

1. Record the cash cost, excluding finance charges and any VAT you claim back, and the date the asset was brought into use.
2. Find the asset’s write-off period in the Interpretation Note 47 schedule: a personal computer is 3 years, a passenger car 5, furniture 6.
3. Claim the straight-line share each year (cost ÷ the write-off period), or elect the diminishing-value method on the income tax value at your own rate.
4. Brought into use part-way through the year? Apportion by the days you used it, then claim your business-use share.

Extra fields: none beyond the common ones. Read more: SARS’s interpretation notes index and Interpretation Note 47 on the wear-and-tear or depreciation allowance.

​

Where does the register show up elsewhere?

• The depreciation schedule under Tax Filing → Reports prints the year’s decline in value per asset (or per pool, class or block) with opening, decline, deductible share, private share and closing figures that reconcile by hand.
• The capital treatment on the transaction feeds the capital purchases label on your activity statement in the quarter you bought the asset. The GST or VAT credit does not wait for the depreciation.
• Asset tools for the MCP server (query_assets, manage_asset) are coming in the MCP tools reference.

​

FAQs

​

Why did Fin not add my laptop to the register automatically?

Because Fin never decides on its own that a purchase is an asset. You mark the purchase as capital, on the transaction or through a category default, and the offer to add it to the register appears at that moment. Anything you have marked capital but not answered for waits in the Not yet registered panel on the Asset Register page.

​

I clicked “Not an asset” by mistake. Can I get the offer back?

Yes. The dismissal is stored against the transaction and can be cleared through the API (DELETE /api/assets/dismiss/:transactionId), after which the purchase returns to the Not yet registered panel. You can also add the asset directly from the register with Add an asset and link it to the transaction.

​

Does the register print the instant asset write-off limit?

Only for a year in which the limit has been confirmed against the authority. For a year where it has not, the register shows no figure and asks you to confirm the current limit with the ATO or a registered tax agent. The previous year’s limit does not carry forward on its own.

​

Can I change the method or effective life after a few years?

Yes, and the register recalculates every year from acquisition, so the written-down value and the schedule reflect the change consistently. Whether the change is allowed under your country’s rules is a question for your accountant; Fin records what you chose.

​

Which plans include the asset register?

Elite+ and Auto+. The sidebar entry, the inline offer and the depreciation schedule all follow the same gate.

---

Next: Tax treatment explains the capital codes that start the process, and Reports covers the depreciation schedule the register feeds.