Breadcrumbs

Setting asset details for a small business pool (SBP) asset

Australia only

In the first step of the Create New Asset Wizard, you will enter the asset detail, asset type and the allocated control group for the new asset.

What taxation details you are asked for is determined by the asset type you select in this step.

When creating a new asset you must already have a control group configured. A message will be displayed if you attempt to create a new asset without having a control group configured. Click Yes to open the Maintain Control Group window and see Creating a control group.

To enter the details for a new small business pool (SBP) asset

  1. Open the Assets Listing page. See Opening an asset year.

  2. Click Create new asset on the Tasks bar.
    OR
    Press [F4]. The Create New Asset Wizard opens.

  3. Enter the Asset code. This is a mandatory field and must not be blank. The Asset code is limited to a maximum of 50 alphanumeric characters.

  4. Enter the Asset name. This is a mandatory field and must not be blank. The Asset name is limited to a maximum of 200 alphanumeric characters.

  5. Select the Asset type from the drop-down.

    For Taxation only or Accounting and Taxation assets the asset type can be:

    • General asset

    • Immediate deductible asset

    • Small business pool

    • Low value pool.

    For Accounting only assets the asset type can be:

    • General asset

    • Immediate deductible asset

    You cannot create new assets of Immediate deductible asset type. If you select Immediate deductible asset, you will be asked to create a General asset with a depreciation method of Immediate write off.

  6. Select whether the depreciation calculated will be reported for Accounting or Taxation. This selection only applies where the asset is an Accounting and Taxation asset.

  7. Select control group for the asset from the drop-down. An asset must be associated with a control group.

  8. Click Next.

    • If the asset is a Taxation or Accounting and Taxation asset then the next step will require Taxation details to be entered.

    • If the asset being created is an Accounting asset then the next step will require Accounting details to be entered.