Tax Deductions: Tools, Equipment And Assets
If you have bought tools, equipment and assets for work-related reasons, you could claim for tax deductions. But you should prove that you use these items for work assignments only.
The amount to claim will depend on the number of hours you use your tools, equipment and assets for work. For instance, if you have a laptop that you use partly for person affairs, and partly for work, you can claim only the depreciation of the item or half the cost.
Tax deductions for tools, equipment and assets depend on their individual costs. Here is the breakdown of costs:
• You can claim a deduction for tools that don’t form a set and are valued at $300 or less. Alternatively you could claim for tools that form a set and collectively cost $300 or less.
• You could claim tax deductions for depreciation of tools that are more than $300 of worth or that form a part of a set that is collectively priced at $300 and over.
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