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Goodwill & Franchise

Jemma

I have purchased a franchise business and I would like to know what tax codes to enter for the Goodwill portion and the franchise portion?

Comments

Mirko

Hey Jemma,

Welcome to the Reckon Community and thank you for your post.

Firstly congratulations on your franchise purchase. As this question relates to "tax advice", it can only be answered by a accredited person (Tax agent, book keeper, Accountant etc).

I have found an article from the ATO which may be of assistance;
http://www.ato.gov.au/Business/Starting-and-running-your-small-business/In-detail/Getting-started/Franchising-and-tax/?page=2.

Should you require further help, it would be best to consult one of our Accredited Partners, who along with being specialists in Reckon products are also Tax professionals. http://goo.gl/snmKwf

Thanks,
Mirko