Experience a better way to manage tax fixed assets.
Leverage our TFA expertise so you can focus on the high value tasks that drive your success. Our technology forward approach highlights areas of risk and opportunity to efficiently manage your registers and assist you to align with Australian Taxation Office (ATO) expectations.
Our team regularly works with Australia's most capital intensive taxpayers to develop fit for purpose TFA solutions.
How can we help you?
TFA analytics
Deploy analytics to quickly detect and diagnose anomalies in your TFA register.
Know where you stand with PwC's Fixed Asset Health Check designed to uncover key risks and opportunities within your tax fixed asset register (TFAR). In this check we will:
- Identify exceptions and anomalies in Div 40 vs Div 43 classifications.
- Perform a sample check against ATO effective life of depreciating assets.
- Identify variances between tax and accounting fixed asset registers.
- Perform exceptions testing in relation to additions, current year depreciation, closing NBV, low value pool.
- Identify inconsistent tax effective lives or tax depreciation rates.
- Specific testing with regards to particular high value asset categories and items.
- Perform a high level review of additions to determine appropriateness of capitalisation.
TFA management
Automate your TFA depreciation calculation and reporting on or off your ERP.
We can assist you to implement bespoke on-ERP or dedicated fixed asset technology solutions off-ERP designed to automate your tax fixed asset depreciation calculations and generate accurate and efficient reporting.
By automating depreciation calculations and reporting, we can help you reduce manual errors, enhance data accuracy and governance, and improve overall operational efficiency. Automated depreciation and reporting can connect seamlessly to your tax calculations, enabling you to focus on higher value workstreams.
TFA governance
Clearly document processes, controls and componentisation procedures in accordance with ATO requirements.
PwC's Tax Fixed Asset Governance services can assist you to align with the expectations of the ATO. Our team of experts works closely with you to document and uplift your tax fixed asset management processes and controls.
We focus on reducing risks, harnessing opportunities and optimising your tax fixed asset governance documentation. Our goal is to empower you with robust and transparent processes and controls to improve the management of tax fixed asesets.
TFA remediation
Recalculate depreciation, amend tax returns and prepare new depreciation keys to ensure TFA values are correctly reported.
Once areas of risk or opportunity are identified, our team of experts can assist you to isolate impacted assets and ensure the correct tax law is applied.
We recalculate tax values and ensure compliance with the latest regulations, providing you with updated disclosures for submission to the ATO through amended returns and voluntary disclosures.
Our team
Sarah Saville
Daniel Levin
Zac Correia
Rob Leonard
Contact us
Sarah Saville
Partner, Tax Reporting and Innovation, PwC Australia
Tel: +61 421 052 504
