Setting taxation details for a General asset (GA)

This will be Step 2 of the Create New Asset Wizard for Taxation only or Accounting and Taxation assets. In this scenario you are entering the taxation details for the general asset (GA).

This step will not be seen if you are creating an Accounting only asset.

To enter the taxation details for a general asset

In the first step for Asset details you have selected General asset from the Asset type drop-down.
Enter the Acquisition date of the asset. By default, this field is automatically filled with the Year start date.
1. Enter the date in the format dd/mm/yyyy or select the date from the drop-down calendar.
2. 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 loading an asset that has been previously depreciated, enter a date prior to the Year start date.
Enter the Start date for the asset. By default, this field is automatically filled with the Acquisition date that you entered above.
The Start date must not be after the Year end date for the year period. If you are loading an asset that has been previously depreciated, enter a date prior to the Year start date.
Select the Depreciation method from the drop-down.
By default, the depreciation method is taken from what was configured in the control group for the asset. The depreciation method can be overwritten at an individual asset level.
Enter the Cost of the asset.
The default value is 0.00. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
Enter the Opening written down value of the asset.
The default value is 0.00 and it is a read only field. An Opening written down value can be entered, if the Start date is prior to the current financial year.
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) Enter the Cost limit of the motor vehicle.
This field is only available if the Motor vehicle checkbox was selected.
The default value is 0.00.
This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.

Up to 31 December 2013:
If the cost of the general asset is less than the immediate write off threshold of $6,500, then you can claim an immediate write off for the asset.
If you add it as a general asset, MYOB Assets Live will not automatically write off the asset. You should go back to the first step and select the type of asset to be immediate deductible asset instead.
The immediate write off for general assets acquired between 1 January 2014 and 11 May 2015 was decreased from $6,500 to $1,000. On 12 May 2015 it was increased to $20,000 and this applies until 30 June 2017.
Select the appropriate options in the Calculate decline in value section.
You can select either:
1. (Australia) Effective life
  1. (Australia) Enter the number of Years and Months or select the ATO commissioner’s effective life option.
  2. The Years field is limited to a maximum of 3 digits and must be a value between 0 and 999.
  3. The Months field must be a value between 0 and 12.
2. Depreciation rate
  1. Enter the percentage depreciation Rate year 1 (Australia) / Rate year% (New Zealand).
  2. (Australia) Enter the percentage depreciation Rate year 2+.
  3. They must be a value between 0 and 100%.
Select the appropriate options in the Other values section.
1. (Australia) Enter the Adjusted base cost.
  1. 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.
  2. This field is not available for use if the asset Start date is greater than or equal to the asset register Year start date.
  3. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
2. Enter the Private use % for the asset.
  1. The value must be between 0 and 100%.
3. Select the Private use bal sheet a/c to be used, if a portion of the asset is to be used for private use.
  1. For example, this would normally be the shareholder’s current account - being the shareholder who is using this asset for private use.
  2. 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.
  3. The Accumulated depreciation and Accumulated private use fields are calculated fields and are read only.
  4. The Accumulated private use field is enabled if you create an asset where the Start date is prior to the Year start date.
Click Next.
1. If the asset being created is an Accounting and Taxation asset then continue to Setting accounting details for a General asset (GA).
2. (Australia) If the asset being created is a Taxation only asset then continue to Setting general details for a small business pool (SBP) asset.