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Guard dog

Experienced Cover User CTF
32 Posts
Experienced Cover User
CTF
Experienced Cover User

32Posts

10Kudos

1Solutions

Guard dog

We operate an electrical business from home and just purchased a guard dog. Please advise how to enter this expense in MYOB. I understand it is a capital asset. Thanks
3 REPLIES
Partner AlanT
944 Posts
Partner
Australia
AlanT
Partner

944Posts

721Kudos

162Solutions

Re: Guard dog

@CTF

 

Hi Terri,

 

As this is an asset, it would need to be added to the balance sheet as such.  I'd also suggest you discuss this with your tax accountant.

 

All the best,

 

Alan

Ultimate Partner DuncanS
1,542 Posts
Ultimate Partner
Australia
DuncanS
Ultimate Partner

1542Posts

1265Kudos

142Solutions

Re: Guard dog

@CTF @AlanT

 

It would be highly unusual for a guard dog to be a tax deduction.

 

One might ask if it was "necessarily incurred" in earning Accessible Income.

 

As you are aware there is a $20,000 threshold for immediate deduction - it ends on 30 June 2018.

 

Alan suggests talking to your Tax Accountant - i concur.

 

Duncan 

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
Experienced Cover User CTF
32 Posts
Experienced Cover User
CTF
Experienced Cover User

32Posts

10Kudos

1Solutions

Re: Guard dog

Thanks Duncan. Will talk to the accountant. I understand a guard dog is indeed a tax deduction.
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