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
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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Get advice on W/off from your engaged Accountant /Tax Agent .
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