Is there a way to expense say 70% of my Motor vehicle expenses in my quarterly BAS (Cash basis). At the moment 100% of my motor vehicle expenses are deducted, despite me using 30% for personal use (as per log-book records).
Possibly in future, we might add
Private use functionality. For the time being, you should make a journal entry to account for this private usage of motor vehicle expenses.
You will need to calculate 30% of your motor vehicle expenses for the period (use P&L report), once you’ve done that. Multiple this amount by 1.1 (to add back GST amount). This will leave you with your GST inclusive motor vehicle expenses amount.
Then make a journal entry to credit this amount to
Motor vehicle expenses account (use GST 10% code too) and debit your
Drawings account in equity (leave tax code column empty on this line)
Was this feature added or a better solution found. E record had this feature of private use inputted as a %
Not specifically. You might find this Guide helpful: Adjust tax accounting for partial personal use | Manager.