This support note applies to:
- AE Assets (AU)
In MYOB Accountants Enterprise (AE) Assets there is currently no functionality to add a motor vehicle and apply the accelerated initial deduction of $5000 for small businesses that elect to use the capital allowance provisions in Subdivision 328‐D.
To achieve this you need to create 2 separate assets:
- 1 asset for $5000 and select the type Immediate Deduction Asset; and
- a 2nd asset with the cost of the asset as $5000 less than the actual cost and apply the relevant method and rates
To achieve this you need to create 3 separate assets:
- 1 asset for $5000 and select the type Immediate Deduction Asset with private use of 0%;
- a 2nd asset for the amount of the private use portion of the cost with a private use of 100% - allocate this asset to the SB Pool if required;
a 3rd asset with the cost of the asset as the total cost, less $5000 and the amount of the 2nd asset with a private use of 0% - allocate this asset to the SB Pool if required.
For more details refer to Entering an immediate deduction asset