Tax Deductions, MS Excel?

Discussion in 'Accounting & Tax' started by 2020 Property Investor, 28th Jun, 2020.

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  1. 2020 Property Investor

    2020 Property Investor Active Member

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    Hi There,

    I am looking at purchasing MS Excel for various investment property-related data analysis (could be some amount of personal use but would be quite limited).
    1. Would the cost be deductible since used for income-producing purposes?
    2. If so, how do you typically demonstrate the use if the ATO asks?
    Thanks
     
    2020 Property Investor, 28th Jun, 2020
    #1
  2. Trainee

    Trainee Well-Known Member

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    Try to find a cheap (genuine) license. School students often get it for free.
     
    Last edited: 28th Jun, 2020
    Trainee, 28th Jun, 2020
    #2
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  3. datto

    datto Well-Known Member

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    Claiming the spreadsheet software as tax deduction is an Excel lent idea.
     
    datto, 28th Jun, 2020
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Google docs is free
    other excel could be deductible to the extent it is used for the investment properties.
     
    Terry_w, 29th Jun, 2020
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  5. 2020 Property Investor

    2020 Property Investor Active Member

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    I see what you did there :)
     
    2020 Property Investor, 29th Jun, 2020
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  6. 2020 Property Investor

    2020 Property Investor Active Member

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    I have a paid subscription for g-suite however some of the formulas that my accountant sends to me in excel are not compatible with sheets unfortunately.
     
    2020 Property Investor, 29th Jun, 2020
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  7. datto

    datto Well-Known Member

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    ^^^^^^ Accountant not giving you the sheets hmmmm.
     
    datto, 29th Jun, 2020
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  8. mikey7

    mikey7 Well-Known Member

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    You can use it online for free at office . com.
    Just login (or create an account using your normal everyday email), and you can access the main suite of Microsoft Office for free.
    It's all online based so you need the internet, but you get 5GB of free space to store online, or you can just download a copy.
    Works just like the app (tiny bit slower)..And saves you $129/yr. Would likely suit your needs.
     
    mikey7, 29th Jun, 2020
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  9. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Excel is free - Office isnt. Free Microsoft Office online, Word, Excel, PowerPoint, formerly Office Online and it has some bits trimmed down... Its the online edition not a full function version but 90% of users will find it enough

    Then there is Open Office....It really is free. Or if you get deperate google. Or if you must use numbers for mac its really is its own ecosystem. Just Export, As Excel.
     
    Paul@PAS, 29th Jun, 2020
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  10. Baker

    Baker Well-Known Member

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    Yes, the incompatibility of G-Sheets with MSExcel (ie COPY-PASTE) is super annoying and seems almost deliberate.
     
    Baker, 29th Jun, 2020
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  11. The Y-man

    The Y-man Moderator Staff Member

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    The Y-man, 29th Jun, 2020
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  12. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    MS.Excel has some intellectual property over what can be pasted.
     
    Paul@PAS, 29th Jun, 2020
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  13. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Paul@PAS, 29th Jun, 2020
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  14. The Y-man

    The Y-man Moderator Staff Member

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    Interesting - I moved over to Libre from OO when the whole thing got forked off. Actually didn't know OO was still running until I looked ti up today as a result of your post :)


    The Y-man
     
    The Y-man, 29th Jun, 2020
    #14