Ute purchase
We have purchased a ute for work use & wish to write off the full value in this financial year.What is the procedure for entering this.Do we need to enter it as an asset or can we enter the purchase as a bill?
Answers
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it should be entered as a bill or cheque and posted to an asset account. It’s up to the accountant to fully write it off when he does the tax
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You can still create it as a Fixed Asset Item (linked to the fixed asset Account) & add this item onto the Bill.
Note: There will be specific determinations based on your particular circumstances as to how it is treated (eg if GST is included, entity structure, ute ownership, any personal usage, FBT liability, whether under SBE simplified depreciation rules etc)
Shaz Hughes Dip(Fin) ACQ NSW, MICB
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