[Busmanagers] CAPITAL ACQUISITION

[Sally Lewis]

Robyn,

 

I use this to remind me what a capital acquisition is, which came from one
of the GST bulletins

 

'Capital Acquisitions should be identified separately on the BAS return at
box G10. Any GST paid on these capital purchases, which are creditable
acquisitions, can be claimed back as an input tax credit in the BAS return
in the relevant tax period.

 

The ATO accepts the standard capitalisation threshold that the entity uses
for accounting purposes.  In the instance of Victorian Government schools
this will be a capital item recorded on Cases with a value of $1,000 ($1,100
inc GST) or more.  The ATO views a capital acquisition as a purchase with a
life expectancy greater than one year.

 

Some school examples that are considered to be capital acquisitions would be
computers, photocopiers, renovations to a building, asphalting of school car
park,  new buildings, or other items schools would normally place on a
register for depreciation - e.g. school cars, marc vans, lawnmowers etc.'

 

I hope I am on the right track and not leading you astray.

 

Sally (Lewis)

Box Hill Senior Secondary College 7050

Dunloe Avenue

Mont Albert North 3129

9895 1104

  _____  

From: busmanagers-bounces at edulists.com.au
[mailto:busmanagers-bounces at edulists.com.au] On Behalf Of Tewkesbury,
Beverley D
Sent: Wednesday, 23 November 2005 2:06 PM
To: Business Managers' Mailing List
Subject: RE: [Busmanagers] CAPITAL ACQUISITION

 

Hi Robyn,

 

Then I would say they are definately a capital acquisition.

 

Bev Tewkesbury
Acting Business Manager
Doncaster Secondary College
9856 1026

 

 

  _____  

From: busmanagers-bounces at edulists.com.au
[mailto:busmanagers-bounces at edulists.com.au] On Behalf Of Silcock, Robyn B
Sent: Wednesday, 23 November 2005 2:00 PM
To: Business Managers' Mailing List
Subject: RE: [Busmanagers] CAPITAL ACQUISITION

Hi Bev

They are over the $1000 - around $1600 just for the posts!  Rob:-)

 

Robyn Silcock

Business Manager

Marlborough Primary School

Hardy Crescent

Heathmont   3135

email:  silcock.robyn.b at edumail.vic.gov.au

Phone:  9870 3468  Fax:  9870 2485

 

  _____  

From: busmanagers-bounces at edulists.com.au
[mailto:busmanagers-bounces at edulists.com.au] On Behalf Of Tewkesbury,
Beverley D
Sent: Wednesday, 23 November 2005 1:01 PM
To: Business Managers' Mailing List
Subject: RE: [Busmanagers] CAPITAL ACQUISITION

 

Hi Robyn,

 

Could depend on how much they cost.

 

Bev Tewkesbury
Acting Business Manager
Doncaster Secondary College
9856 1026

 

 

  _____  

From: busmanagers-bounces at edulists.com.au
[mailto:busmanagers-bounces at edulists.com.au] On Behalf Of Silcock, Robyn B
Sent: Wednesday, 23 November 2005 12:33 PM
To: busmanagers at edulists.com.au
Subject: [Busmanagers] CAPITAL ACQUISITION

Can anyone out there tell me please - would goal posts be a capital
acquisition?

 

Robyn Silcock

Business Manager

Marlborough Primary School

Hardy Crescent

Heathmont   3135

email:  silcock.robyn.b at edumail.vic.gov.au

Phone:  9870 3468  Fax:  9870 2485

 

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