Tax codes
Hi, I am recording a purchase of a new vehicle. My journal enrty look like this, suspense $93,000 DR / TAX CODE NT suspense $3,000 CR cash deposit value / TAX CODE NT Land Rover chattel mortgage ...
Forum Discussion
I think you should get your accountant to assist with this
However, if the car is private and not registered to the company and hasn't had any expenses against it then it is drawings/Capital Contribution so NT would be correct at this stage
Advice from your accountant is advised as if the company/business now owns this car there is a GST component that can be claimed. The value of the vehicle presents other issues like luxury car tax etc
Lisa