Depreciation
Immediate Asset Depreciation When it comes to work-related expenses, the Australian Taxation Office (ATO) allows employees to claim immediate deductions for depreciating assets that cost $300 or less. While this rule is straightforward, four tests must be passed to qualify for an immediate deduction. Let’s break down these tests and how they work. Test 1: …
Property Depreciation as a Tax Deduction A property’s depreciation is the natural wear and tear that occurs over time to its assets. Depreciation can be claimed as a tax deduction by owners of income-producing properties. Tax deductions for depreciation can be claimed for up to forty years, making it the second largest tax deduction available …