Asset Register
Motor vehicles subject to the Luxury Car Threshold: when eligible for an immediate write off for tax purposes we lose the ability to tick motor vehicle and enter the cost limit. This frustratingly m...
Forum Discussion
Hi Nicole,
This issue has been logged as an enhancement request.
Please find below the work around for the issue:
When you create the asset you will need to select the type as General Asset.
On the Taxation Details screen, select the depreciation method as Immediate Write Off and immediately change this to Diminishing Value. The depreciation rate will show as 100%.
You can now enter the cost and the cost limit. Note the start date needs to be entered as the start of the financial year.
The depreciation calculated for the asset will be the amount equal to the cost limit.
