I am starting work as a hospital doctor in January and wanted to know a question about my entitlement to claim deprecitation for an asset which would solely be for performing my daily duties as a doctor.
I want to purchase an apple watch for the sole purpose of receiving notifications from other doctors/allied health/patients/investigation reports/responding to different wards to see emergency patients as it is certainly not always appropriate to answer my phone while interacting and seeing patients.
I would not use this watch outside of normal work hours.
Looking at the deductions guide on the ATO website it seems that I am entited to claim this deduction as this a "special characteristics which I use for work" (see quote below from ATO website) however I am wondering how I would calculate the effective life of this item? I am estimating that the watch would have an effective life of two or three years but is there any special formula which I should consider?
Watches and timepieces
You can't claim a deduction for the cost of purchasing and repairing an ordinary wristwatch, including waterproof watches. However, if your watch has special characteristics which you use for work or if you have a **bleep** watch or stopwatch, you can claim a deduction for a decline in value (depreciation).