Assets represent the valuable resources owned by your business. They can be further classified as: Short-term or 'Current' Assets: These assets can be converted into cash within 12 months. Examples include cash in your bank accounts, inventory, and short-term deposits. Long-term or 'Fixed' Assets: These assets have a useful life of more than 12 months and are not typically sold for cash within this period. This includes items like tools, equipment, real estate, land, and vehicles. Tyro Accounting's Asset and Liability Register primarily focuses on tracking your long-term or 'fixed' assets which have been entered into Tyro Accounting. Many of these assets depreciate over time and you may be able to claim tax deductions for this depreciation. Tyro Accounting’s Asset and Liability Register assists in calculating the deductible depreciation for each asset and seamlessly integrates this information into your financial records and tax estimates. Additionally, it can calculate any profits, losses, and capital gains resulting from the sale of assets. For more information on tax deductions for depreciating assets, see T ax deductions for depreciating assets and capital expenses | Australian Taxation Office (ato.gov.au)