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ATO Community

Items paid with afterpay

Initiate

Views 549

Replies 1

Hi community,

 

Can I claim my work tools that I paid for using afterpay/installments? If yes, how do I claim it? Example I'm paying $30 fortnightly, total cost of tools is $680. Have paid $450 so far this financial year. Do I need to depreciate it? 

Cheers

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Most helpful response

ATO Certified Response

Community Moderator

Replies 0

Hi @CalebLee,

 

You can claim them at the time of purchase- the total amount. You became liable for the payments then so it doesn't change that you are paying them off. If each item is worth $300 or less you can claim a deduction. If any item is worth more than $300 it will need to be depreciated.

 

$300 immediate deduction.

1 REPLY 1

Most helpful response

ATO Certified Response

Community Moderator

Replies 0

Hi @CalebLee,

 

You can claim them at the time of purchase- the total amount. You became liable for the payments then so it doesn't change that you are paying them off. If each item is worth $300 or less you can claim a deduction. If any item is worth more than $300 it will need to be depreciated.

 

$300 immediate deduction.