Selling a general or immediate deductible asset
Immediate deductible assets are for Australia only.
- Open the Assets Listing page. See Opening an asset year.
- Select the asset to be sold. The row containing the selected asset will be highlighted.
- Click Sell on the TASKS bar. The Sell Asset window opens displaying the Asset code and Asset name of the selected asset.
- Enter the Disposal date of the asset. Enter the Disposal date in the format dd/mm/yyyy or select it from the drop-down calendar. You can also select Today’s date from the drop-down calendar. The default Disposal date is the Year end date for the opened year. The CAV (closing asset value) at disposal date is calculated based on the entered Disposal date. In New Zealand, this does not include any depreciation for the year the Asset is being sold in. The Disposal date cannot be earlier than the asset start date, or later than the current financial year.
- Enter the Termination value. The termination value is the amount received for the asset when it was sold or disposed of, once balancing adjustments have been made. The default value is 0.00. This is a numeric field of a maximum of 27 digits including 2 decimal places.
- (Australia) Select the Calculate capital gains tax using checkbox, if required. This checkbox is active if the depreciation calculation is for Taxation purposes.
- (Australia) Select the method to be used to calculate the capital gains tax.
If the Calculate capital gains tax using checkbox is selected the appropriate CGT Method option(s) will be available. Depending on various factors, two methods may be available:- Discount
- Indexation.
- Click OK. The database is updated with the sold asset. On the Assets Listing page, the entry line for the sold asset will be greyed out.