Am I allowed to claim a tax deduction on a laptop that was purchased before the financial year.
At the time of purchase my employment did not require me to bring a laptop to work. However, now I am required to bring in a laptop to take notes directly related to work (I’m a physiotherapist)
You can claim the depreciated value of the laptop. Effective life of a laptop is 2 years. Claim depreciation over 2 years from date of purchase. (either diminishing value or prime cost). Prime cost will be the easiest to use. And probably give you the best result. Divide 730 days(2 years) into the cost of the laptop. That will give you the daily amount you can claim. Multiply the daily amount by the number of days in the year you were using it for work purposes and there is the claimable amount for the 2024 year.
You may find the depreciation tool useful.
https://www.ato.gov.au/calculators-and-tools/depreciation-and-capital-allowances-tool
You can claim the depreciated value of the laptop. Effective life of a laptop is 2 years. Claim depreciation over 2 years from date of purchase. (either diminishing value or prime cost). Prime cost will be the easiest to use. And probably give you the best result. Divide 730 days(2 years) into the cost of the laptop. That will give you the daily amount you can claim. Multiply the daily amount by the number of days in the year you were using it for work purposes and there is the claimable amount for the 2024 year.
You may find the depreciation tool useful.
https://www.ato.gov.au/calculators-and-tools/depreciation-and-capital-allowances-tool
Thanks for that. The laptop was purchased 3 years ago. So, does that mean I can't depreciate it for 2 years from the date or purchase since it was too long ago?
22 Apr 2024 · 6 min read time
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