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Here’s the Low Down on Tools & Equipment But here’s two things you need to remember: For Tools & Equipment under $300 (that are not part of a set) you can claim the expense outright. BOOM! For Tools & Equipment over $300, the ATO doesn’t want you getting your hands on the full tax deduction all at once, so we need to spread the tax deduction over a number of years depending on the lifespan of the item. Its really easy to do, all we need to know is:
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Here’s a Ripper Tax Tip! If you need to use your internet and/or computer for work, keep a one-month logbook of your work and personal internet/computer usage to claim a tax deduction.
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Missing some info? No problem! We'll keep your tax return safe until you have it. Missing info can make the Tax Man a bit cranky, it may also alter your final tax estimate, so it's best to lodge after we have everything. Ready to go? Pop on over to Gotax and have your tax done in minutes!
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