29-08-2011 11:07 AM
I am currently doing the BAS for a Partnership which has just started up in MAY 2011. They have purchased things like Computers, Blue Tooth MYOB Programme.Does anyone know if all of these thpes of expenses can be put onto the system under tax code CAP regardless of the cost.?
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29-08-2011 11:37 AM
See ATO website and check with you accountant
G10 Capital purchases and G11 Non-capital purchases
Capital purchases include things such as:
Non-capital purchases include trading stock and normal running expenses, such as:
G10 and G11 require you to separately report your capital and non-capital purchases. If you already record these purchases separately in your records, use this existing breakdown to complete labels G10 and G11. If you don't record capital and non-capital purchases separately and your GST turnover is expected to be less than $1 million, then the following applies:
For more information about what is included in G10 and G11, refer to Goods and services tax - how to complete your activity statement (NAT 7392).
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