Entering an immediate deduction asset

This support note applies to:

AE Assets (AU)

Article ID: 35426

In MYOB Accountants Enterprise (AE) Assets there are a number of different types of assets you can add to the Asset register.

If an asset is under a specific amount as per the ATO legislation you can claim 100% of the value of that asset as depreciation in the current year.

To process the claim of 100% depreciation enter the asset in the relevant Asset Control Group, select Immediate Deduction Asset and complete the details relating to the asset as required.

To add an immediate deduction asset

Open the Assets ledger. The main Assets screen appears showing the asset control groups in the left-hand pane.
Open the required asset control group in the left-hand pane. The assets contained in this group appear in the right-hand pane.
Click New. The Add Asset window appears with the cursor in the Asset Code field.
Type the code for the new asset and press TAB. The cursor moves to the Description field.
Type the description for the asset. The description is entered.
Select Immediate Deduction Asset from the list in the Select Asset's Depreciation Type for Taxation list and click Next. The Add Asset - Taxation Details - Immediate Deduction window appears.
Complete the required details and click Next. The Add Asset - Accounting Details window appears.
Complete the Accounting details for the asset as required and click Next or Finish. The asset is entered and for Taxation purposes the depreciation is calculated at 100% of the cost.

The text in the MYOB AE Assets 2.4 Release Notes/Upgrade Guide page 4, under Write Off Threshold > MYOB AE Assets, is referring to an SB Pool automatically writing off a value < $6500. To successfully claim 100% of an individual asset you need to specify the asset as the type Immediate Deduction Asset and not include it in the SB Pool.