Claiming Tools & Equipment

See also ==> Deductions Q & A's

See also ==> Low Value Pool

Claim in full

Tools and equipment bought between 1 July 1991 and 11.45 a.m. on 21 September 1999 can be depreciated at a rate of 100 per cent—that is, you can claim an immediate deduction—if the cost of the item is $300 or less or its effective life is less than 3 years. You can see what your tax refund will be using this tool: Free Online Income Tax Calculator

Depreciation

You can claim a deduction for the work related part of the depreciation on the cost of the tools and equipment you use for work. How you calculate your deduction may vary depending on when you bought an item and how much it cost.

Tools and equipment bought between 11.45 a.m. on 21 September 1999 and 30 June 2000 can also be depreciated at the rate of 100 per cent if the item cost $300 or less. Every other item bought during this period must be depreciated over its effective life, even if it has an effective life of less than 3 years.

Repairs

You can claim a deduction for the cost of repairing tools and equipment to the extent that you use them for work.

(Source ATO)