I recently started my side hustle as a software application developer. I’ve registered for GST as the client for whom I’ve already been working with will most definitely go over the $75k next financial year.
after finishing my first part of the job they hired me for, I noticed that my old student laptop will not cope with the demands of the job as I need the portability and performance. I have already seen the laptop replacement for it which will be used 100% for work only (I have my personal desktop for personal things) and the cost is around $2k. From what I’ve read, as a small business I could instantly write off the value of the laptop from the income received and lowering my taxable income from my side hustle which will add up to my normal employee personal income. So if the side hustle income w/o GST was $10k the write off would be $2k so the additional would be $8k. This would definitely be a big help in succeeding in this new endeavour.
is this correct? What proof would I need to keep other than the tax invoice from the place I buy the laptop from?
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