Forum Discussion

Motorclassvehic

Member

2 years ago

Solved

Motor Vehicle usage for Bas and Tax

How do I enter a Journal entry to reduce account total to reflect caimable % of usage for motorvehicle for BAS and tax return. thank you

Princess_R
2 years ago
Hi Motorclassvehic,

Thank you for your post. I'd like to extend you a warm welcome to the community forum. I hope you find it a valuable resource.

In this case, I recommend speaking to your accountant, as this task needs further assistance from an accountant. However, I'll provide you with this article: General Journals, which has detailed information on recording journals.

I hope this helps! Please let me know if you require any further assistance. I'm here to help.

Cheers,

Princess

Ultimate Partner

10 months ago

Motorclassvehic Princess_R

Depends on the type of Entity ie Sole Trader or Company.

For a Sole Trader, I have 2 ledgers - Motor Vehicle Expenses say 62000 and MVE Personal say 62001

A Journal is raised Dr Owners Drawings N-T Cr MVE Personal GST

For a Company, an Income Account is created eg MV Contribution by Director GST

A Journal is raised Dr Directors Loan N-T Cr MV Contribution by Director

There is a box on the Company Tax Return for Contributions by Director

The above is based on no deposit to the Bank Account by the Business Owner.

Always best to converse with your Tax Accountant.

Duncan

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