Ute purchase

instint
instint Member Posts: 13 Novice Member Novice Member
in Accounts Hosted

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

  • Kris_Williams
    Kris_Williams Member Posts: 4,278 Reckon Hall of Famer Reckon Hall of Famer

    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

  • Acctd4
    Acctd4 Accredited Partner Posts: 4,216 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited May 2024

    @instint

    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)

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  • cosmic
    cosmic Reckon Developer Partner Posts: 1,009 Reckon Hall of Famer Reckon Hall of Famer

    Get advice on W/off from your engaged Accountant /Tax Agent .

    If you have any issues with your current Accountant you can call us .

    Cosmic Accounting Group

    Accountants and Tax Agents 22397009

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