Sole trader car loans, asset right-off, business losses vs depreciation
Hi, My husband is a sole trader in a small business that is not registered for GST. Late June 24 he bought a new ute which is used for the business, there are some minor personal use like running to the shops or picking up my son from school here and there. The car was purchased with a 100% secured loan of $28,000. My questions are: Am I assuming correctly that because the car was purchased for $28000: we can't do a full asset write-off, nor can we write-off $20000 and depreciate the $8000 balance? regarding depreciation: should I be using the Small Business Pool or the Simplified Depreciation rules? what is the depreciation rate for 2024 for a used vehicle using either method? for the small business pool rates is the first year a full calendar year or just from purchase date to EOFY? and, what about the loan? This is a secured car loan, can I claim the loan repayments or just the interest charges? We don't have an accountant or bookkeeper to consult with due to $$, so I would appreciate any help that I understand is not legally binding. Thank youNewbie Sole Trader - do I create Pay Runs?
Hi there - brand new to running my business (digital sewing patterns sold online) that went from no-future fun hobby to successful trade and my only source of income in the last year. Teaching myself MYOB from the ground up for the past two weeks. I have bank transactions recording my Owners Drawings (allocated to Wages/Salaries Category) but should I also create historical pay runs for myself to prove the money went to me? Can't find any answers from google that don't contradict each other!Solved52Views0likes3CommentsATO Tax Refund for Sole Trader
Hello Community, Hope you are all well. Could someone help me with the correct way I should "Receive Money" for a refund my boss received this year? I want to make sure the account it is distributed to is the right one before I complete my week's reconciliation. So this is slightly time sensitive. I thank you in advance for your time and assistance. P.S. I note we have bold and underline in our Community Forum, however Myob still hasn't put this in the area where we enter invoices...Solved344Views0likes1Comment