How to Create an Asset Register in Australia:
- Rachel. M
- Sep 22
- 6 min read
Practical Guide for Startup Founders
If you're building a startup in Australia, chances are you're focused on revenue, customers, and scaling. But here’s a key piece founders often overlook: tracking your company’s assets. Setting up an asset register might sound like boring admin, but it’s one of the smartest, most strategic systems you can put in place early. It protects your business, saves you money, and sets you up for scale.
I've seen startups lose track of valuable equipment, licenses, and IP simply because they didn't have a proper register in place. This leads to tax headaches, insurance disputes, and even wasted spending on things they already own. Don’t let that be you.
What Is an Asset Register? (And Why It Matters)
An asset register is a central record of all the assets your business owns. It’s not just a list—it’s a live document that tracks:
Physical assets: computers, furniture, machinery, vehicles
Intangible assets: trademarks, copyrights, patents, proprietary software
Financial assets: investments, securities
Leased assets: equipment or property under lease agreements
Think of it like your business’s inventory of value. Without it, you’re flying blind when it comes to insurance, tax reporting, or even knowing what resources you actually have.
Why Founders Should Create an Asset Register Early
In every startup I’ve been involved with, establishing an asset register early has paid off. Here’s why:
Improves Financial Management
You know exactly what your business owns, so you can budget for replacements, upgrades, or maintenance.
Helps prevent theft or loss by maintaining oversight.
Supports Tax Deductions & Depreciation
Certain assets can be depreciated over time, reducing your taxable income.
But you can only claim what you can prove you own.
Streamlines Insurance Claims
Proof of ownership, value, and condition makes insurance claims faster and easier.
Investor and Audit Ready
Investors want to see operational discipline.
A detailed asset register shows you’re running a serious, well-managed operation.
Enables Better Decision-Making
Knowing the state, value, and location of assets helps you allocate resources efficiently and avoid redundant purchases.
What You Need Before Creating Your Asset Register
Before you build your asset register, create a simple editable table with these headings:
Detailed descriptions of each asset (make, model, type)
Serial numbers or unique identifiers
Purchase details: date, cost, supplier
Location of asset (e.g. office, remote employee, storage)
Condition/status of the asset
Warranty information and maintenance schedules
Proof of ownership (receipts, invoices)
Mentor Tip: Build this collaboratively with your team. It ensures accuracy and avoids gaps. Store everything in a shared Google Drive folder so your register stays live, accessible, and easy to update.
How to Create an Asset Register in Australia: Step by Step
Step 1: Choose Your Asset Register Format
You can create an asset register using:
Spreadsheets: Simple and cheap, but harder to scale
Asset Management Software: Tools like UpKeep, Asset Panda, or Freshservice for automated tracking, maintenance alerts, and depreciation
Mentor Tip: If you have more than 20 assets, go with software. Create a standard template so data entry is consistent from day one.
Step 2: Catalogue Every Asset
For each asset, record:
Description (type, make, model)
Unique identifier or serial number
Purchase date and cost
Current value (for insurance purposes)
Depreciation method and rate
Current location (especially if multiple sites)
Assigned owner or responsible employee
Condition or status (new / good / needs attention)
Warranty expiry and maintenance dates
This creates a full lifecycle view of your assets.
Step 3: Assign Responsibility
Make sure every asset has a designated owner. This ensures accountability for:
Who is using it
Where it’s located
When it needs maintenance or replacement
In one of my product-based businesses, this cut replacement costs significantly — and made maintenance far more consistent.
Step 4: Schedule Regular Audits
Review your asset register at least once a year. Check that:
Assets are still in use
Values and conditions are up to date
Depreciation is calculated correctly
Retired or disposed assets are recorded
Mentor Tip: Schedule asset reviews as part of annual planning. It helps you stay WHS compliant and avoids last-minute scrambles.
Step 5: Link to Financial Records
Connect your register with accounting software to track:
Depreciation expenses
Capital expenditure budgets
Insurance valuations
Your accountant will thank you — and it’ll maximise your claims at tax time. I’ve seen this save businesses thousands simply because they kept the right records.
What It Costs
Financial Costs:
DIY Spreadsheet: Free, but time-consuming
Asset Management Software: $30–$100/month depending on features
Professional Setup: $500+ if done by an accountant or consultant
Time taken:
DIY - setup could take a couple of days, depending on how much equipment / assets in your business.
Audit process could be less than a day.
Money-Saving Tip: Start lean with a spreadsheet. Upgrade to software once your asset base grows. Allocate to a team role in your business.
Want Effortless Inventory Management?
If you're ready to level up with asset tags and barcode systems, here’s where to start:
Specialised Providers: Seton Australia, Metal Sign & Label, Camcode, Triton Store, Wasp Barcode Technologies
Label Manufacturers: Custom tags for durability (e.g. waterproof, heat-resistant)
Online Retailers: Amazon, eBay for off-the-shelf solutions
Software Providers: BlueTally, Asset Panda, AssetTiger (barcodes + full tracking)DIY
Options: Generate and print your own barcodes for small setups
Mentor Tip: If you manage more than a handful of physical assets, tagging them early saves hours later and makes insurance claims effortless.
Common Mistakes Founders Make with Asset Registers
Not recording small or low-value assets → Laptops, monitors, tools add up.
Failing to update → An outdated register is nearly useless.
Forgetting intangible assets → Trademarks, patents, software are often your most valuable assets.
Not linking to accounting/insurance → Missed deductions and cover = lost money.
Skipping purchase dates and serials → Without them, depreciation claims are messy.
No responsibility assigned → Maintenance gets ignored, costs creep up.
These oversights seem small, but they compound. I’ve seen budgets blown because founders didn’t know what they actually owned.
What to Do Right Now
✅ Download the Asset Register Template from ProDesk.com — includes a ready-to-use spreadsheet.
✅ Want it done for you ? Book a session with Noize if you want a professional setup or audit [Noize.com.au]
✅ Get the Startup Deck — the ultimate founder toolkit with asset, finance, and growth systems [theStartUpDeck.com]
The Bottom Line
An asset register isn’t boring admin — it’s a smart business tool. It protects your investments, simplifies tax time, strengthens insurance claims, and builds investor confidence.
Starting a business without knowing what assets you own is like trying to bake a cake without knowing the ingredients — you’ll waste time, repeat steps, and miss essentials.
Start your asset register today. It’s easier — and cheaper — than fixing the mess later.
FAQS
Who needs to register for FBT in Australia (FBT for startups)?
If you provide non-cash benefits to employees, directors or their associates (instead of or in addition to salary), you likely need FBT registration. Common fringe benefits: company cars for private use, gift cards, meal/entertainment, paying/reimbursing personal expenses, low-interest loans, gym memberships, and some phones/internet when primarily private. Check Fringe Benefits Tax — ATO guidance if unsure.
How to register for FBT (ATO FBT registration process)?
Log in to ATO Online Services (Business Portal via myGovID) ➜ Manage tax registrations ➜ Fringe benefits tax.
Enter ABN, contact details, date benefits first provided, and submit.
Or call the ATO (13 28 66) or ask your registered tax/BAS agent to register you.Tip: You can register proactively if you plan to offer benefits soon. That’s safer than backdating later.
How to lodge an FBT return and when is it due (how to lodge FBT return)?
FBT year: 1 April – 31 March.
Lodge & pay: Usually by 21 May (agent concessions may extend this).
If registered but no liability, lodge a nil return to close the loop.
You may have FBT instalments on your activity statements the following year—your agent/software will advise.
What records do I need for FBT compliance in Australia (FBT checklist for employers)?
Keep a simple FBT register per employee/benefit:
Benefit type, date, recipient, cost/value, any employee contributions.
Evidence for exemptions/concessions (e.g., minor benefits, otherwise deductible rule).
Logbooks/odometer for car benefits; meal entertainment tracking (types & attendees).
Year-end: calculate taxable value, apply gross-up, and post RFBA to income statements (STP).Store invoices/receipts and calculations for 5 years.
What are common FBT mistakes (fringe benefits tax registration for startups)?
Assuming perks are “too small to matter” (gift cards/entertainment often do count).
Reimbursing personal expenses without assessing FBT.
Forgetting to gross-up values or to apply/justify exemptions.
Not registering when benefits start, then scrambling at year-end.
Missing the 1 Apr–31 Mar FBT year and 21 May deadline.
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