This support note applies to:
- AE Assets Live (AU)
- AO Assets Live (AU)
In MYOB Assets Live version 5.4.26, when selling a Motor Vehicle with a Cost Limit applied from a Small Business (SB) Pool, the Taxation Termination Value shown for the asset is calculated using the Cost Limit at the date the asset was sold, rather than the Cost Limit as at the date the asset was purchased. For example:
Where a Motor Vehicle was purchased on 29/07/2015 for $77,325. The Cost Limit to be applied is $57,466.
Where the asset was sold on 30/06/2017 for $74,545, the Taxable Termination Value should be calculated using the 2015 Cost Limit as follows:
Cost limit at purchase date / Purchase price * Sale price
57,466 / 77,325 * 74545 = $55,400
However, the system is instead applying the 2017 Cost Limit of $57,481 to incorrectly calculate as follows:
Cost limit at sale date / Purchase price * Sale price
57,481 / 77,325 * 74545 = $55,414
We're aware of this issue and we're looking into a solution.
As a workaround, you can manually update the Cost Limit by selecting the asset and, from the Tasks bar, click Edit Asset.
Using the above example, change the Cost Limit to 57,466 instead of using the system applied value of 57,481 which is causing incorrect calculation. This will give you the correct expected amount on the sale of asset
MYOB INTERNAL STAFF ONLY
Insert PR# 155408857962