Is this Tax Deductible?

This thread you post an item or service and ask if it's tax deductible other forum members has to try to help answer it.

If you break a drill bit while repairing IP can you buy a new drill bit and tax deduct it?

What about tape measure used to measure things for repairs?

 

Yes

Depends what youbare measuring

 

The size of his tax return.

 

Every item in the world is tax deductible - just need to buy it in the right way or for the right reason.

 

You sure? Ok thanks.

I just did my calculation in Excel and interesting thing is,

interest accounts for more than 80% of all deductibles. So in truth. It doesn't matter how you play it at the end of the day the bottom line will not change much as it is dictated by interest charged by the bank.

 

Care to share your spreadsheet?

pinkboy

 

The deductions one or the house depreciation one?

 

If I go to a slum in smithfield plains to do an inspection and have to buy a .22 glock, is that deductible? If not what about bullets? Are they considered tools of trade for people operating in this area and davoren park?

 

Does yours have a similar break down to mine?

 

The infamous one of course.

I'm sure they will be equally important.

pinkboy

 

I'd say the weapon would be depreciated rather than deducted. The ammunition would be a consumable item so can be deducted straight away, but check with your tax agent (not accountant or lawyer) on whether you can purchase it within a trust with an ABN. You then might be able to claim the GST back.

 

I think if you HAD to buy it for the investment property if you didn't buy the IP you didn't have to spend the money then it is deductible. However with the bullets you can only account the portion you spend on the IP, bullets used for personal reasons should not be deducted.

 

Thanks DT. What about bullet holes from stray bullets on ballard road that hit my car? I assume my insurance excess and/or private hospital cover excess is deductible?

 

I'd say a Glock may be considered 'excessive' for those areas and may be a subject to 'Luxury Item Tax'.

Also consider Death, Divorce, Decapitation etc etc.

pinkboy

 

Had a friend who did some exotic dancing for a bit - the stuff she used to claim come tax time was impressive.

Don't know why she bothered to be honest, I couldnt imagine much of her income was declared.

 

Only death and taxes are certain in life...

 

I'm sure backyard temples are capital costs deductible over 10 years....

 

Aren't most deppreciable items over an expected life span? I've seen temples that have been around for thousands of years!

 

Yeah...best to get a private ruling from the ATO.

 

Many pyramids are tax deductible, just look at all the multi level marketing companies out there