Assets

4.2.4 Asset Disposals: Direct Property

To record disposal of a Property, select the ASSETS tab, then click the ASSET DISPOSAL button, select the Account, and choose the Asset.

If you choose a Property for disposal, Mclowd will display this screen:

Assets_Disposals_DirectProperty

The details of the selected property will be displayed.

Enter the Sale Price.

Enter the Disposal date by selecting from the calendar popup.

In the Proceeds of sale field, select the account into which the proceeds of the sale will be deposited.

Assets_Disposals_DirectProperty

Assets_Disposals_DirectProperty


NOTE: You may incur expenses in the disposal of a property, such as agent fees and commissions, marketing costs, and legal fees. As Capital Gains Tax is calculated on net yield, the figure you enter as the sale price can be the net yield after all costs are deducted (i.e. the amount deposited to your bank by your conveyancer), but you should retain documents detailing expenses in your files for audit purposes.


Click DISPOSE OF ASSET to save.


about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding.
Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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