HOW TO record receipt of the Instant Asset Write-off in Xero. Brandon covers how to record in Xero when you purchase a new asset under the Instant Asset Write-Off incentives.
Here's what's covered:
✅ Support Documents
✅ Creating a bill
✅ Reconciling a deposit
✅ Reconciling Finance & paying the bill in full
✅ Recording the Fixed Asset
On 31 March 2020, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. Who needs to lodge a FBT return? Find out here.
With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to normal. With Australia's desire to ‘get on with things,' sentiment reached its highest level since November 2013 and Christmas spending is expected to be consistent with previous years.
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.