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Importing your own tools

This post is archived and may not be up-to-date.

Newbie

Views 1686

Replies 3

Hi, I imported all my tools from Ireland for work here. The import fees were quite substantial are these any of these fees tax deductible?
Thanks
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @#adamohreilly,

 

Thanks for your patience whilst we confirmed specialist information regarding your query!

 

Generally, if the tools themselves are an allowable deduction as depreciation then the associated costs will also be deductible as depreciation. It's likely that if you had bought the tools in Ireland then you would be claiming depreciation for the tools when you come to Australia. The import fees will be added to the costs of buying the tools in Ireland for depreciation purposes. This means that you cannot also deduct the full import costs in the year of incurring them.


You can find information on claiming deductions for tools and equipment on the ATO website on this page Tools, equipment and other assets | Australian Taxation Office
 
However, if there are aspects of your specific situation that you'd like clarified you can contact our Early engagement team by submitting an request form or requesting a call back and someone will contact you and discuss your circumstances further.

 

Thanks, JodieH.

3 REPLIES 3

Taxicorn

Replies 1

Yes all associated costs for the tools including VAT (Tax) and delivery charges will be deductable to you.

Taxicorn

Replies 0

"Yes all associated costs for the tools including VAT (Tax) and delivery charges will be deductable to you."

 

Sorry I should've been explicit, Yes if needed for your work AND the full total depreciated over a number of years

 

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @#adamohreilly,

 

Thanks for your patience whilst we confirmed specialist information regarding your query!

 

Generally, if the tools themselves are an allowable deduction as depreciation then the associated costs will also be deductible as depreciation. It's likely that if you had bought the tools in Ireland then you would be claiming depreciation for the tools when you come to Australia. The import fees will be added to the costs of buying the tools in Ireland for depreciation purposes. This means that you cannot also deduct the full import costs in the year of incurring them.


You can find information on claiming deductions for tools and equipment on the ATO website on this page Tools, equipment and other assets | Australian Taxation Office
 
However, if there are aspects of your specific situation that you'd like clarified you can contact our Early engagement team by submitting an request form or requesting a call back and someone will contact you and discuss your circumstances further.

 

Thanks, JodieH.