Maintain Control Group window—Taxation tab fields
The Taxation tab will be active in the Maintain Control Group window if the type of depreciation calculation selected in the Asset Register window is:
Taxation only
Accounting and Taxation.
The Taxation tab fields in the Maintain Control Group window are:
Depreciation defaults fields
Field | Description |
|---|---|
Depreciation method | Select the appropriate method for the control group from the drop-down. The available options are:
|
Motor vehicle (Australia) | If the control group includes motor vehicles, select the Motor vehicle checkbox. By default, the checkbox is not selected. |
Cost limit (Australia) | Enter the cost limit for the motor vehicle. The default value is 0.00. The Cost limit field is limited to 16 digits including 2 decimal places. The Cost limit field is only available if the Motor vehicle checkbox is selected. This is only used as a default when creating general assets. Any assets in a small business or low value pool will have the relevant cost limit applied by MYOB Assets Live as defined by the ATO (this may vary from year to year). |
Calculate depreciation using fields
The following are used as defaults when creating general assets.
(Australia) Any assets in a small business or low value pool will have the relevant rates and thresholds applied by MYOB Assets Live as defined by the ATO (this may vary from year to year).
Field | Description |
|---|---|
Useful life (Australia) | Enter useful life in years to calculate depreciation rate for depreciation method Straight line. Useful life is enabled only when straight line method is chosen. |
Effective life (Australia) | When the Effective life option is selected, the depreciation rate is calculated based on the entered years and months. This option is selected by default. |
Years (Australia) | The Years field is only available if the Effective life option is selected. This field displays the number of years defined as the default for the control group. This field is limited to a value between 0 and 999. |
Months (Australia) | The Months field is only available if the Effective life option is selected. This field displays the number of months defined as the default for the control group. This field is limited to a value between 0 and 12 inclusive. |
ATO commissioner’s effective life (Australia) | The ATO commissioner’s effective life checkbox is selected if, you want to use the effective life of a depreciating asset as determined by the ATO’s Commissioner. |
Depreciation rate (Australia) | When this option is selected, the depreciation rate is calculated based on a defined rate that you enter in the Rate year 1 and/or Rate year 2+ fields. |
(Australia) Rate year 1 (New Zealand) Rate year | This field is only available if the Depreciation rate option is selected. This is a percentage field which is limited to 6 digits including 2 decimal spaces. The default value is 0.00. This field must contain a value between 0 and 100%. |
Rate year 2+ (Australia) | The Rate year 2+ field is only available if the Depreciation rate option is selected. This is a percentage field which is limited to 6 digits including 2 decimal spaces. The default value is 0.00. The Rate year 2+ field must contain a value between 0 and 100%. |
Find Rate (New Zealand) | This hyperlink opens the IRD Depreciation rate finder website. The link only appears when Straight line or Diminishing value is selected as the Depreciation method. |
Integrated account fields
The following are the general ledger accounts associated with each control group and are used when creating the journals. See Searching accounts (Control groups).
Field | Description |
|---|---|
Realisation | Select the realisation account where the sale proceeds (credits) were originally coded to, in the general ledger (i.e., when you were coding the bank statements). When an asset is sold in the asset register, a journal will be created debiting the realisation account. Once all the relevant assets have been sold in the asset register, and all the journals have been posted, the realisation account should be zero in the general ledger. |
Profit on sale | Select the Profit on sale account where the profit amount from an asset sale will be posted. |
Loss on sale | Select the Loss on sale account where the loss amount from an asset sale will be posted. |
(Australia) Capital gain (Taxation) (New Zealand) Capital gain | Select this account where the calculated capital gain of the asset sale will be posted. |
(Australia) Private use (P&L) (New Zealand) Private use | This account is where the private use proportion of depreciation will be posted to. This only applies to general assets and immediately deductible assets. (Australia) For pooled assets (i.e., assets in a low value pool or small business pool), private use works differently, and there is another Private use account. See Small business pool summary and Low value pool summary. |
Depreciation expense | Select the Depreciation expense account where any expenses related to the depreciation of assets in the control group will be posted. |
Accumulated depreciation | Select the Accumulated depreciation account where the calculated accumulated depreciation of the assets in the control group will be posted. |