Claiming New Laptop on Tax Working from Home

monkeydo on 01/06/2022 - 19:23

This has been probably discussed earlier so my apologies ahead of time.

Regarding personal taxes.

I work for a company full time in Melbourne CBD and pretty much work from home 4 days a week. For more than half a year 5 days a week.
I do digital graphic sort of work and need to upgrade/buy a new laptop. We are talking about $3.5k - 4k sort of machine. As someone that works from home, can I claim this back on tax? If so can I get the full ammount back? Someone mentioned I can basically get a new laptop every year and claim the full ammount back in my conditions which I found ridiculous but got me curious.

Thanks for the guidance

Financial

Comments

  • avoidfullprice on 01/06/2022 - 19:29

    Look up ato on how to claim asset above $300. You will need to split the cost using prime cost of diminishing method over multiple years

    There is a limit of one new laptop per year you can claim using above conditions for personal tax income.

    Unsure with business tax

  • Hellfire on 01/06/2022 - 19:36
    -1

    Does your workplace provide a laptop (or other device) to do your work? If so then you can't claim your own laptop.

    If not then you will be able to claim. It usually won't be practical to get a new one every year, you only get a portion of the tax back every year and you'll need to sell it for fair market value when you get a new one.

    • monkeydo on 02/06/2022 - 09:42

      I thought that way but comments around got me confused. And no, my company doesn't provide me with one. Thanks for the info

  • tio on 01/06/2022 - 20:42
    +2

    unless you're self employ, the laptop will have to be depreciated as per ATO schedule.

  • MS Paint on 01/06/2022 - 20:43
    +4

    Salary sacrifice is the way to go in this case.

    • SF3 on 01/06/2022 - 20:46

      ^exactly this

      If so can I get the full ammount back? Someone mentioned I can basically get a new laptop every year

    • wei13 on 01/06/2022 - 21:49
      +2

      Still not free. As the term implies you are salary sacrificing your own pre-tax income. At most you get it ‘cheaper’ because you reduce the tax you pay, but it is not ‘free’.

  • wei13 on 01/06/2022 - 21:26
    +2

    No you don't just 'claim the money back' on tax . Strange myth that keeps getting circulated.

    Work related expenses can be deducted against your income, which means your taxable income is reduced by the work related expense, and hence the tax you pay is reduced by the percentage you would have had to pay as tax on that portion of your income.

    In the case of a depreciating asset like a laptop, you can reduce your income by the decline on value over the effective life of a laptop (2 years).

    If your employer is providing a laptop as a fringe benefit then it's a totally different story.

  • Gros21 on 02/06/2022 - 12:41

    You will need to state how much is used for work. i think its 3 years for laptop.

    Also you can flexirent one and get close enough to teh whole ammount back, but that then only lowers you income by that ammount.

    Basicly claiming on take lowers you taxable income and you get teh difference back.

    Eg. 100k wages pay 25k tax.
    Claim 10K at tax
    So 90K wages you should of payed 23k tax.

    You get a 2k back

    These figures are prolly way off but you do the maths, but if you think you can claim a laptop every year and have no out of pocket costs you are wrong.

    There is a also an allowance you can claim similar to study hrs

Login or Join to leave a comment
Login Join