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