Recording sale of property in MYOB financials

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neekita
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Recording sale of property in MYOB financials

Hi guys, my question is in relation to sale of property. When we record the sale in Myob P&L and Balance Sheet, do you also record the 50% discount and tax losses available for use? If i dont record the discounts and losses, the gain is higher in the P&L than what it is in the tax return, and therefore the Equity is inflated as well due to the income for the year...Any reply would be much appreciated, thank you..

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Tracey_H
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Re: Recording sale of property in MYOB financials

Hi @neekita 

 

Thanks for your post. In this situation I do recommend checking with your accountant to ensure the sale is recorded correctly for tax/BAS reporting.

 

Please don't hesitate to post again if you have further questions, we are happy to help.

Cheers,
Tracey
Previously @bungy15

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