Adding motor vehicles to claim the accelerated $5000 immediate deduction value

This support note applies to:

AE Assets (AU)

Article ID: 35550

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 create a motor vehicle without private use

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 create a motor vehicle with private use

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