Partnership tax return and reconciliation of Cents per KM method

Question

Hi, My partnership is claiming Motor Vehicle expenses with the "Cents per kilometer" method. Since I don’t have the Cents per KM method on my MYOB Profit and Loss, do I account for this is the reconciliation items (of the Partnership tax return) or do I add it to the MYOB Profit and Loss? Many thanks for any direction, Cheers

veeja · Answer

I was hoping for a bit more direction as I dont use an accountant for my business.

Tracey_H · Answer

Hi @veeja

Thanks for your post. I'd recommend speaking to your accountant about the applicable transaction, accounts and tax codes to ensure that expense is correctly reported.

Once you know what you need to record I'll be happy with how to record that in your software.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

veeja · Answer

How do partnerships account for Cents Per Km deductions in there Profit and Loss.  i.e. business traveled 2000km and wants to include as expense 2000km at 78 cents per km therefore claim being $1560. would it be entered in as a journal entry? thanks