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Disposal of Asset account and GST

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vmaclean
2 Posts
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New Zealand
vmaclean

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Disposal of Asset account and GST

Hi

 

I am using an older version of MYOB Business Basics as we have a small business.  For the first time I need to record the sale of an asset at a loss and am struggling to work out what accounts I should use.  Especailly if the Gain/Loss on Asset Disposal account should be subject to GST.

 

Can someone please help me with what accounts I should be using and which ones are subject to GST.

 

Asset oginal value was $8000.00 (including GST)

Current book value $2351.70

Sold for $635 (inclding GST)

 

Thank you

Vernica

1 REPLY 1
Ultimate Partner jenniek
2,372 Posts
Ultimate Partner
New Zealand
jenniek
Ultimate Partner

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Re: Disposal of Asset account and GST

hi @vmaclean

To get this completely correct - this is more a question for your accountant. I can tell you that the Loss on sale is not GSTable only the sale price of the asset..

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
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