"NEWS September 29, 2016-depreciation book compilation by September 30"

Posted by on Sep 29, 2016

Expires tomorrow (deadline for submitting returns) the deadline for companies, organizations and commercial entrepreneurs, should complete the depreciation book.

Then within the next 30 September you should refresh, or store accounting recognition, that register, whose printing can be done in any case before the end of this year.

The depreciation book is not required by civil law, but solely from the fiscal discipline in order to be able to deduct from income the depreciation that must also be recognised in the income statement.

As for the content, registration procedures are different depending on the type of good.

Article 16 DPR 600/1973 provides that must be indicated separately and then individually reported:

  • real property (such as buildings and/or apartments);
  • the movables entered in public registers (such as company cars or vans).

Other types of tangible and intangible assets for the exercise, and then depreciable assets, can be annotated or individually or grouped by category to:

  • year of acquisition;
  • depreciation coefficient.

A classic example of homogeneous category can be a purchase made in the same time period, for products that have the same level of depreciation: for example the desks, Office chairs and other Office equipment bought in the same exercise can fall into the same category because they have the same percentage of depreciation.

For free goods to be relinquished, in addition to the information already highlighted, you must clearly indicate the annual fee which flows financial depreciation allowance.

For the goods referred to in article 102 bis of the tax code (capital assets used for the pursuit of regulated activities of distribution and transportation of natural gas and electricity), annotations can be done for categories of claims by year of acquisition and useful life.

They also also shows the cost goods not exceeding 516.46 euros, if not directly expensed; for such goods, you can deduct the expense in the period of sustaining.

The register must also be entered in separate entries, depending on the year of training, maintenance, repair, modernization and transformation that were not capitalized (ordinary maintenance costs) and are not immediately deductible under article 102, paragraph 6, of the tax code.

Surplus (compared to 5% of the value of material goods arising at the start of the year) are in fact deductible in constant rate in 5 years following the year of sustaining.

The register shall be exempt from stamp duty and from Government grants and, for his estate is not required the endorsement. The only formality to be respected is the numbering of the pages: each page must be inserted together with the sequence number and the year in which it is printing. There must be no whitespace.

Within the registry shall state:

  • the description of property:
  • real estate: address and/or land registry ID;
  • for the movables entered in public registers: plaque and/or serial number;
  • for other assets: detailed description;
  • year of acquisition of the asset and/or duties (from which runs the depreciation);
  • the original cost;
  • any cases of reassessment and/or devaluation;
  • the sinking fund reached in the previous period;
  • the depreciation rate actually charged in the tax period;
  • the annual depreciation;
  • deletions from the production process, with evidence of plus or loss.

The log must be kept for ten years at the person concerned (if held at a third person will require an attestation signed by both parties stating the place of storage of the documentation).

by Bruce Ferreira