Purchase an computer

Jose Batres

 I've purchased a computer using my own money (as a loan for the company) the company will pay me back monthly how can I claim the GST, from which account I have to pay to be able to claim the GST and which account do I have to use to pay the loan (eg. Director's loan account?).

Kris_Williams

I would simply do a journal debiting the asset account or expense account depending on your accountant's advice, with the full cost of the computer incl GST, and a credit to your loan account (a liabilitiy). Every month when you pay it back to yourself the payment goes against the loan account until it's paid off and the full GST is claimed on the BAS

Tim Masters_10351691

You would need to get an invoice in the name of the company to claim the gst, then pay back via your loan account

Zappy

Why don't you enter the computer purchase as a bill and pay the bill monthly with the cash received?

Zappy

Good point Tim. Well spotted

Kris_Williams

But if you’re on cash basis you’ll only be able to claim the GST as you go instead of upfront

Zappy

Not applicable here though is it.

Kris_Williams

It will make a difference to how much will be claimed, all up front or as the bill is paid off, would be applicable to me

LyndaC

Your correct Kris, as it will make a difference.  The lap top can be claimed even if the invoice is not in the business name as it is an incidental cost and would be deductible otherwise.