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MYOB Essentials

Tax code: Include CAN (GST-Free Capital Acquisitions)

Experienced Cover User

23Posts

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23 Posts
Experienced Cover User
Australia

When I first began using LiveAccounts, I found it very frustrating to work with such a limited list of Tax Codes.  I have since accepted that LiveAccounts is meant as a basic level accounting tool and in that regard I think it is great and am liking it more each time I use it.  But the one tax code that really needs to be included is CAN (Capital Acquisitions Non-GST).  This would make the preparation of BAS (inclusion at G11 and G14) far simpler, as well as reporting for the benefits of the accountant for financial statements.

 

Cheers...   Nick

 

"Tax Code for GST-Free Capital Acquisitions"

1 Comment
Valued Partner Jace_IT_Figures
132 Posts
Valued Partner

Not sure why... almost 3 years later, that this still hasn't yet been put into place.

 

It's essential for micro business as often second hand assets are purchased from Non GST registered suppliers, family friends etc. But even small business use it in cases where they acquire assets from another business as a going concern (which in this time there is a lot of).

 

If you need more examples of where this is useful, required, necessary.. please don't hesitate to contact me directly.

 

Regards

Jason