I'm sitting here updating stuff on MYOB and I am unsure about where to post an expense. I paid $1400 for removal of some trees. Does that get entered in as a capital cost, or repairs & maintenance?
Well, you are correct that one was a mighty big dead gum tree in a dangerous position, however, is it an expense? Or do I need to allocate it as Capital?
Well, that's what I thought, but I do remember hearing a long time ago that gardening is treated is differently. As I said, it was a long time ago and I might not have remembered accurately.
I'm sitting here updating stuff on MYOB and I am unsure about where to post an expense. I paid $1400 for removal of some trees. Does that get entered in as a capital cost, or repairs & maintenance?
Hi, your accountant will probably class it as a gardening expense. Possibly maintenance. But where you record it in myob is fairly irrelevant as long as you make a note in the memo field so your accountant has half an idea what the expense was for.
Then, your accountant will probably ask you for more information anyway as high amounts in either of those fields are worth clarifying, before the tax office ask questions too.