I closed a sole trader mowing business in July 2021 and kept some of the equipment for myself and sold a bit. I cancelled the ABN and business name at the time and was never registered for GST. I'm not sure how to handle this on the upcoming income tax return. The assets I sold, $5k mower and $2k ute, do these become capital gains? What about other assets valued >$1k that I keep, do these also go into capital gains?
Hi @Hamiltons,
If you had a business asset that you're no longer using or holding, you can look at the information for balancing adjustment of a depriciating asset. This advises what you need to do in the event it's not being used for it's original purpose, or if you've disposed of it. You can determine if you need to calculate a balancing adjustment amount to include in your assessable income or to claim as a deduction.
Hi @Hamiltons
We will do some research and let you know.
Hi @Hamiltons,
If you had a business asset that you're no longer using or holding, you can look at the information for balancing adjustment of a depriciating asset. This advises what you need to do in the event it's not being used for it's original purpose, or if you've disposed of it. You can determine if you need to calculate a balancing adjustment amount to include in your assessable income or to claim as a deduction.
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