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Tax deduction on internet subscription and tools ?

Discussion in 'Accounting & Tax' started by Tekoz, 29th Jun, 2015.

  1. Tekoz

    Tekoz Well-Known Member

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    People,

    As a beginner investor I'd like to know if the following items that I have subscribed on the internet can be taqx deductible this financial year?

    1. Online premium subscription of Proeprty earch engine like: Property Investar, RPData, PriceFinder,... etc.

    2. Excel Spreadsheet calculator: http://www.investmentpropertycalculator.com.au/ultimate-investment-property-calculator.html

    3. Magazines subscription: API, YIP, SPI, etc...

    Which one that I can claim ?
     
  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    Do you already own any IPs?
     
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  3. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    As Simon has alluded if you aren't already a property investor its likely you cant claim anything. These costs would be preliminary and a form of self-interest rather then satisfy the requirements of s8-1 of ITAA97 which has a requirement that cost incurred in earning assessable income can be deducted.....

    http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s8.1.html
     
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  4. Tekoz

    Tekoz Well-Known Member

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    Paul and Sim,

    yes I do have two IP already.
     
  5. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Most probably deductible
     
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  6. Tekoz

    Tekoz Well-Known Member

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    Thanks Paul.
     
  7. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    That said the tools may be depreciable if items cost $300+. Or if there is mixed use only a % to claim.
     
  8. Tekoz

    Tekoz Well-Known Member

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    Many thanks Paul, once again for the detailed reply.

    I appreciate it.