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I am setting up the account list for a business not registered with GST. What type of tax code should I use for those fixed asset at cost accounts? Thanks for your advise in advance.
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Under Simpler BAS, there is only 2 GST codes ie GST and N-T.
If a business is not registered for GST - GST code will not be used.
This applies to all transactions (whether cash inflow or cash outflow).
In Australia, I understand Fixed Assets should be called Non-Current Assets.
Hope this helps.
@DuncanS . Yes, the "fixed asset" I writen in the question means non-current asset such as plant and equipment etc. Now I know what code to set up. Thank you very much,