Capital Works Deduction

Hi Amanda

Thank you for your assistance. i had already read and gone through all that before raising the question on the community forum.

For Earls and your information, I logged a support call last night.

As soon as I receive a solution, I'll post the solution on here.

I suspect that there is no solution available at the moment using either online tax or online assets, and that I will need to revert to the desktop version until either online tax or online assets or both are updated to provide a solution.

I will advise once MYOB support get back to me.

Kind regards

Philip Occhiuto

Hey PhilipOcchiuto​ 

If you're adding a new asset in MYOB Practice, you'll need to add an asset class first and then allocate an asset to the class. We've published step by step instructions on this page.

You'll then be able to use the tax depreciation worksheet to integrate assets into the different labels. Would recommend following the instructions on this page if you're unsure. 

Hi Earl

I am an accountant in public practice. I wasn't looking for tax advice.

 I was looking for advice on how to use MYOB's online Assets and online tax software to work out the capital works deduction correctly.

Hopefully you can assist.

Hi PhilipOcchiuto,

Really appreciate you bringing this up. In cases like this, the best approach is to consult with an accountant to ensure you're handling everything correctly and in line. An accountant can provide tailored advice for your specific circumstances. Hopefully, other users will share their own tips or experiences that could help you manage this for now.

Regards,
Earl