Editing the taxation details of a general asset
- Open the Assets Listing page. See Opening an asset year.
- Select the general asset to be edited. The row containing the selected asset is highlighted.
- Click Edit asset on the Tasks bar
or
You can select Edit from the right-click menu. The Edit Asset window opens. - Edit the asset Acquisition date, if necessary.
Enter the date in the format dd/mm/yyyy or select the date from the drop-down calendar.
Click Today on the drop-down calendar to use the current date.
You must not enter a date that is after the Year end date.If you are editing an asset that has been previously depreciated, enter an Acquisition date prior to the Year start date. - Edit the Start date for the asset.
Enter the date in the format dd/mm/yyyy or select the date from the drop-down calendar. Click Today on the drop-down calendar to use the current date.
You must not enter a date that is after the Year end date for the year period.
If you are editing an asset that has been previously depreciated, enter a date prior to the Year start date. Select a different Depreciation method from the drop-down, if necessary.
Edit the Cost of the asset. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
Edit the Opening written down value of the asset. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
(Australia) Select the Motor vehicle checkbox, if your asset is a motor vehicle.
(Australia) Edit the Cost limit of the motor vehicle. This field is only available if the Motor vehicle checkbox was selected. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
Up to 31 December 2013:
If you edit the cost of the general asset so that it is less than the immediate write off threshold of $6,500, then you can claim an immediate write off for the asset. If you leave it as a general asset, MYOB Assets Live will not automatically write off the asset.
If you attempt to add an asset which is less than $6,500 as a general asset, a message will be displayed prompting you to add it as an immediate write off asset instead.
On or after 1 January 2014:
If you attempt to add an asset that was acquired between 1 January 2014 and 11 May 2015, the immediate write off threshold is $1,000 or less. From 12 May 2015, the threshold is $20,000.- (Australia) Select different options for the Calculate decline in value section
You can select either:
Effective life
Edit the number of Years and Months or select the ATO commissioner’s effective life option. The Years field is limited to a maximum of 3 digits and must be a value between 0 and 999. The Months field must be a value between 0 and 12.
Depreciation rate
Edit the percentage depreciation Rate year 1.
Edit the percentage depreciation Rate year 2+.
These fields are limited to 6 digits including 2 decimal spaces. They must be a value between 0 and 100%.
- (New Zealand) In the Calculate decline in value section, enter the percentage depreciation in Rate year %. The Find Rate hyperlink opens the IRD Depreciation rate finder website.
- Select the appropriate options in the Other values section.
(Australia) Edit the Adjusted base cost. Enter a value in this field if your asset Start date is prior to the asset register Year start date and the selected depreciation method is Prime cost. This field is not available for use if the asset Start date is greater than or equal to the asset register Year start date. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
Edit the Private use % for the asset. The value must be between 0 and 100%.
Select a different Private use bal sheet a/c to be used, if a portion of the asset is to be used for private use. For example, this would normally be the shareholder’s current account - being the shareholder who is using this asset for private use. Click the magnifying glass icon to open the Find Chart of Accounts window where you can search for and select the appropriate Balance Sheet account to be used for posting journals regarding private use of the asset. The Accumulated depreciation and Accumulated private use fields are calculated fields and are read only. The Accumulated private use field is enabled if you create an asset where the Start date is prior to theYear start date.
Edit the General details of the asset.See Editing the general details of an asset.
Click OK. The database is updated with any changes made to the asset. The Edit Asset window closes.
