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noidea65's avatar
noidea65
5 months ago

Sole trader car loans, asset right-off, business losses vs depreciation

Hi, My husband is a sole trader in a small business that is not registered for GST. Late June 24 he bought a new ute which is used for the business, there are some minor personal use like running to...
sole trader
DuncanS's avatar
DuncanS
Ultimate Partner
6 days ago

noidea65 

 

I do suggest using a Tax Accountant.

 

Have a read of ATO QC 102661 and QC 64426.

ATO has a phone line 132866.

Note the immediate writeoff if the Pool Balance is less than $20,000.

 

If Depreciation and Interest is claimed then the Loan Repayment is a debit to the loan.

The Loan is reconciled regularly to record the Interest.

 

I would recommend monthly Journals for Depreciation and Interest.

 

Duncan Smith

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