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TOOLS AND OTHER WORK RELATED EXPENSES
TOOLS
Tools are usually 100% deductible except for the following:
For employees if a tool costs > $300 you must depreciate it usually at 20% per year. e.g. nail guns, drills, etc.
For ABN businesses the 'General Small Business Pool' may depreciate tools < $150,000 at 100% per year up to 30 June 2023.
Up to 30 June 2023 tools and equipment up to $150,000 and cars up to $64,741 may be depreciated at 100%. After 1 July 2023 eqiuipment up to $20,000 - 100% and cars up to $68,108 - 25%.
You do not need receipts for up to $200 of items that cost less than $10. The $200 is the maximum for the whole tax return.
SUN PROTECTION AND SUNGLASSES
Includes sunglasses, sun screens and hats.
You do not need receipts for up to $200 of items that cost less than $10. The $200 is a total for the whole tax return. You must deduct perscription lens component.
TOLLS & PARKING
You do not need receipts for up to $200 of items that cost less than $10. The $200 is a total for the whole tax return.
LICENCES
The licence or renewal expenses must relate to your current income producing activity not income that will be made in the future.
The initial cost of some licences may not be a tax deduction. e.g. the initial cost of obtaining a truck, earth moving or heavy machinery license as the expense has occurred at a point too soon.
COURSES
Courses include fees (but not HECS), books, laptops, internet, stationery, home office expenses, some travel to a place of education.
You do not need receipts for up to $200 of items that cost less than $10. The $200 is a total for the whole tax return.
The course must relate to your current income producing activity, not income that will be made in the future. e.g. Medical School expenses are not a tax deduction for a doctors income in the future.
If your course is run by a university, TAFE or college you must reduce your expenses by the first $250. After 1 July 2023 no $250 threshold.
SECURITY/CRIMINAL CHECKS ATO TR 98/6 PARA 177
Security checks are usually not deductible as the expense happens at a point too soon before the income is earned.
Renewal of criminal checks may be deductible as you are currently earning income e. g school teacher's blue cards.
The ATO allows the preparation of resumes and travel to attend an interview as a tax deduction against Centrelink income.
DISCLAIMER
The information provided in the above documents is not intended to be, nor should it be construed as tax advice. Any specific recommendation for a client can only be done after their individual circumstances have been determined by David Douglas Accountants.
We have clients from the following locations:
Brisbane, Gold Coast, Sydney, Newcastle, Sunshine Coast, Cairns, Canberra, Melbourne, Adelaide, Perth, Darwin.
Other:
Brisbane, Albion, New Farm, Teneriffe, Newstead, Windsor, Wilston, Bowen Hills, Wooloowin, Herston, Lutwyche, Hamilton, Eagle Farm, Gordon Park, Fortitude Valley, Clayfield, Ascot, Hendra.
Morayfield, Burpengary, Caboolture, Bellmere, Wamuran, Narangba, North Lakes, Mango Hill, Kallangur, Dakabin, Deception Bay, Bribie Island, Elimbah, Kippa-Ring.
We do tax returns for individuals, trusts, companies, partnerships, contractors, ABNs and sole traders.
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