This support note applies to:
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.