Jannaranna
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Entering purchase of car less an input tax credit in depreciation schedule (general pool) subject to cost limit and with a private proportion
How do I enter in MYOB AO Tax the purchase of a car in the depreciation schedule given the following information. The car costs $70,000 on 1st January 2019 and is subject to the car limit of $57,581. My client is a small business with a general pool. The vehicle is used 70% for business and is entitled to claim an input tax credit. My understanding is that my client would be entitled to claim an input tax credit of $5234.63 (1/11th of $57581) less 30% private use. Should I show the cost of the car as $57581 less $5234 i.e., $52347 and the private proprtion 30%?Solved1.2KViews0likes1Comment