Claiming depreciation in Sole Tank is easy, whether you're buying tools, tech, office gear or other business equipment.
Here’s how to add a depreciating asset using the standard depreciation method (Prime Cost or Diminishing Value):
Steps to add a depreciating asset:
Go to the Depreciation tab in Sole Tank.
Click ‘Add’.
Choose either Prime Cost (even deductions over time) or Diminishing Value (larger deductions earlier on).
Select the asset category from the list.
Enter the purchase details including cost and date.
Set your claim percentage based on how much the asset is used for business.
Attach your receipt for record-keeping.
Click Save.
That’s it! TaxTank will automatically calculate the depreciation each year and update your tax position accordingly.
💡 Tip: Assets under $300 are fully written off in the year of purchase.