Reporting Capital Purchases With The Wrong Tax Code

If you purchase a business asset costing more than $1000, you need to report these in G10 under capital purchases in the BAS and not G11. If in doubt, check with your accountant.

To find out more about Xero and how it can help your business, contact Bottrell Business Consultants on (02) 4933 6888 or gavin@bottrellaccounting.com.au.