Additionally i am wondering are things such as laptops, textbooks, stationary, calculators and carrybags tax deductable?
These alone would amount to around 4000 for this year!!
Thank you
Stephen
Why not get an accountant.. even online tax accountant will be able to help.
I am sure that laptop will need to be depreciated over time.If you are a full time student (ie not derivong an income from your labours or through the use of the items purchased) then you most likely will not be able to claim the cost of those items nor depreciate their costs.
stephen051
As Scott No Mates suggests – it depends on your job or what they are used for. And as god_of_money suggests you would need to depreciate the laptop at the percentage you use it for work.
Textbooks if used for work or student etc is depreciated in a library pool usually, so over 10 years or so.. The stationary if used for rentals is tax deductable, the bag is tax deductable if used for work, the calculator is also deductable if used for student or work plus batteries.
So basically, if you buy something that is used for work or rentals etc you can deduct it, if you can prove it was required for work. If over $300 then you need to depreciate it. But don't think you can deduct a laptop if the main purpose of the laptop is to play games etc.
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