Hi guys,
Financial year end is approaching and I am thinking of getting a laptop with some promotions going on.
However, I only left work in Mar 2019 and opened up an ABN as a self contractor, starting earning little bit not much thou.
To make the best from tax claim in few days time, if I get a laptop say around $1000, how much $ reduction can I get?
I know I will need to put it for 4 years and make tax claim of $250 for next 4 years? Will this work in favor towards my tax return to get me $250?
Apparently, I earend over 90k until March and made over 1k as an independent contract. I paid ATO about 25k from 90k due to big bonus..
Although I havent earned mcuh, I found out the depreciation can be offset as part of my income for this year.
pls correct me if I am wrong as I need to fight hard for a single $…
Thanks guys in advance :)
If you have an ABN, you can do an immediate deduction worth the entirety of the laptop, so $1000.
How much you can claim depends on how much you use the laptop for work. If 100%, 1000. If 50%, 500. If 0%, 0. You need to be able to back it up if called on by using a logbook
Also, you don't "get" $250. It reduces your income by $250. So you don't need to pay tax on that $250