All Topics / Help Needed! / Are power tools and/or accessories deductible?

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  • Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Hi all,

    I tried posting this in the Legal & Accounting forum, but no reply… so I'm trying my luck in the Help Needed forum

    I am wondering:

    If I were to purchase a powertool such as a drill, sander, etc… for the purpose of being able to maintain and improve my IP, would the cost of purchase be a deductible expense?  If so, does it come under maintenance and repairs, or capital improvements?

    The same question applies to the accessory parts such as drill bits.

    Please note; my question is relevant to a property held in my own name (ie not a company or trust or SMSF).

    Thankyou in advance!

    JacM

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of IP FreelyIP Freely
    Member
    @ip-freely
    Join Date: 2008
    Post Count: 353

    You’re lucky you might get depreciation but as you don’t carry on a business of building or maintenance & can’t charge your labour, likewise you won’t get your tools (only materials & consumables) – it pays to use tradies.

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