Land Tax - Settlement Sheet

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Contributing Cover User
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Land Tax - Settlement Sheet

Hi

 

Our company has purchased a property and is building apartments on it.

 

The company took out a 100% to purchase this property.

 

I am trying to enter the Settlement Sheet in MYOB.

 

Do I enter a JG?  

 

I have the purchase price - Non Current Asset

Deposit 

Council Rates- Expense

Water Rates - Expense

Water Usage - Expense

Land Tax - Unsure

Discharge of Mortgage - Unsure

 

Then separately I have Legal Fees, Stamp Duty etc. - Balance Sheet

 

Can you please advise on the above which account codes they are allocated too.

 

I understand I should technically get help from my Tax Agent, however that is proving a little difficult at the moment, so any advice would be greatly appreciated.

 

2 REPLIES 2
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MYOB Moderator
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Re: Land Tax - Settlement Sheet

Hi @MCM 

 

I have replied to your other post and suggested speaking to your accountant. But as you mention here that that is difficult at the moment, I'll tag a couple of our partners on this post as they may be able to help.

 

@GDay53  @ronatbas 

 

Please let me know if you need further help.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

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Ultimate Partner
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Re: Land Tax - Settlement Sheet

@MCM 

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

As @Tracey_H  said you need to talk to your Tax Accountant.

As far as Land Tax and Discharge of Mortgage are concerned they would both be treated as Expenses.

I woun't give you account codes as I have no idea what you have in your Chart of Accounts, you need to make that decision yourself.

The Deposit, if entered correctly when it happened will be sitting in an Asset account for Deposits Paid.

Do a General Journal with all expenses and the total purchase price as debits and the Deposit and remaining payment as Credits.

If it was paid for with a loan then you also need to add the Interest to the Debit side.

I have attached a Asset Purchase document for you to have a read of.  It is old but the proceedure is still the same.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner

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