Just wondering – if I purchase tools to undertake a renovation (with their only purpose being that renovation and any future investment related work) am I able to claim these on tax? If so, I assume it would be achieved through depreciation?
I would say that you probably could claim them – but only to the extent the tools were used in money making activity. Depending on the cost you may be able to claim some outright, with others depreciated.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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