SELL OF DEPRECIATED VEHICLE
How do i record an entry for a sell of a fully depreciated vehicle.
I will also need an invoice for this sell of vehicle to provide to the buyer of the vehicle
Forum Discussion
You mention that the car is fully depreciated.
Cost - Accum Depn = Nil.
Lets say the Car is sold for $11,000 incl GST.
$1000 is remitted to the ATO on the next BAS.
There would then be a Profit of $10,000 on the Car.
This could appear in Other Income.
Discuss with your Tax Accountant the Tax Treatment if you have a replacement car.
Yes, you would need to provide a Tax Invoice to the Buyer.
Your Tax Accountant should advise on the above.
Duncan
