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applicants
Level 1

Hi, purchased a car ($18,200) for the company and placed it in the fixed asset account. just wondering how i complete the instant asset tax write off. Cheers

 
1 Comment 1
Kass_B - Product Champion
Content Creator

Hi, purchased a car ($18,200) for the company and placed it in the fixed asset account. just wondering how i complete the instant asset tax write off. Cheers

Hi applicants, 

 

If you are needing to record the depreciation of an asset, you can follow this guide to do so as QuickBooks Online is unable to do so automatically. For further assistance in completing the instant asset tax write off, we will need to refer you to your accountant/tax practitioner as we can only give you information on how to record the asset and create the journal for the depreciation in QuickBooks Online. I've located this information on the ATO's website regarding the instant asset write off, however as we are not accountants we are unable to assist if there are further steps or advise how to calculate and enter the depreciation specific to your books. 

 

-Kass