This section and relevant links describe how to acquire and edit assets and how to perform transactions relating to the disposal, write-off and revaluation of your assets.
You can also view the book and tax values of each asset as you perform these transactions.
The rules pertaining to the disposal of assets vary for each type of business — small business, large business, SBE taxpayer, or non-SBE taxpayer. For example, for certain types of businesses, gains from the involuntary disposal of an asset can be offset against a replacement asset's cost (known as a balancing charge offset), thereby reducing the adjustable value accordingly. In the case of an pooled asset, the sale amount is offset against the pool value.
The balancing charge offset is also available for voluntary disposals by large businesses and most small businesses that disposed of assets prior to 21 September 1999. The assessable gain from assets disposed of involuntarily may be offset against replacement assets. The offset of the assessable gain to the replacement asset is called a balancing charge. A replacement asset may normally be acquired up to one year after the asset is disposed. The the Pending Balancing Charge function is provided for this purpose.
The Transaction List details all transactions that have been performed. You can view, delete and print these transactions. There are a combination of searches and sort options you can use depending on the information you require.
ENTERING TRANSACTIONS TOPICS