- 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 small business pool asset. The Disposal date must be within the current year. 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 Current closing w.d.v is a read only field displaying the closing written down value immediately prior to selling the asset, i.e., the taxable value less the full year’s depreciation.
- Enter the Termination value. The termination value is the amount received for the asset when it was sold or disposed of. The default value is 0.00. This is a numeric field of a maximum of 27 digits including 2 decimal places.
Enter the Average private use % of the small business pool asset. The Average private use % is calculated from the sum of all the previous year’s private use % divided by the number of years the asset was in the register. For example, if you originally loaded the asset from another accountant’s schedule, you will need adjust the value to take into account the years it was in the other accountant’s register. The Taxable termination value is a calculated field and you cannot enter a value.
Taxable termination value = Termination value x (1 - Average private use %)
If the assets is a motor vehicle that was over the relevant Cost limit when it was added to the small business pool, then the Taxable termination value is further adjusted to take into account the Cost limit.
- Click OK. The database is updated with the sold small business pool asset. On the Assets Listing page, the entry line for the sold asset will be greyed out but the asset will still be visible.