Tools, Equipment And Other Assets

If you buy tools, equipment or other assets to help earn your income, you can claim a deduction for some or all of the cost.

If the tools are used for both work and private purposes you will need to apportion the amount you claim. If you have a computer that is used for private purposes for half of the time you can only deduct 50% of the cost.

The type of deduction you claim depends on the cost of the asset:

  • For items that don't form part of a set and cost $300 or less, or form part of a set that together cost $300 or less, you can claim an immediate deduction for their cost.
  • For items that cost more than $300, or that form part of a set that together cost more than $300, you can claim a deduction for their decline in value

Examples of tools, equipment or assets:

  • calculators
  • computers and software
  • desks, chairs and lamps
  • filing cabinets and bookshelves
  • hand tools or power tools
  • protective items, such as hard hats, safety glasses, sunscreens and sunglasses
  • professional libraries
  • safety equipment
  • technical instruments.

You can also claim the cost of repairing and insuring your tools and equipment and any interest on money you borrowed to purchase these items.

If you use items for both personal and work-related purposes you need to keep records, such as a diary, so that, if requested, you can show how you apportioned the amount of private use and work-related use.

Cristy Houghton

Embarketing, 48 Johnston Street, Wagga Wagga, NSW, 2650

Cristy's unique career has taken her from country NSW to the city lights of Clarendon Street South Melbourne and back again. With an early career in radio as a copywriter and creative strategist, she is now a Jill of all trades as a graphic designer, website builder, blog writer, video editor, social media manager, marketing strategist and more. 

In fact, give her any task and this chick will figure out how to do it! Go on, we dare you!

No, really, we DARE you!!

Cristy has won two Australian Commercial Radio Awards (ACRAs) for Best Ad and Best Sales Promotion, and even has an 'Employee of the Year' certificate with her name on it.

Cristy and her husband James have traveled extensively through Russia, China and South East Asia, and have two fur-babies, Sooty (cat) and Panda (puppy). Cristy loves drinking coffee, meeting people to drink coffee, coffee tasting and coffee flavoured cocktails. She also enjoys road trips, TED Talks and watching cat videos on youtube.