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Transfer asset from personal to business

Newbie

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Replies 1

Purchased laptop for work as an employee and the employer paid $100 per month as an allowance towards it. After 3 months became redundant and have commenced sole trader business whereby the laptop is the main equipment for my self employment work. Is there any provision to claim a tax deduction on the purchase of this laptop even though it was bought 3 months before self employment began ? Thanks for your advice
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Most helpful response

Taxicorn

Replies 0

@Secretary 

 

You would be able to depreciate the laptop but would have to work out an Opening Adjustable Value first:

 

If you provide the following I will work it out for you:

 

Date Purchased, Total Cost, Reimbursement received ($300?), Date first started to use it for Sole trading business.

 

 

1 REPLY 1

Most helpful response

Taxicorn

Replies 0

@Secretary 

 

You would be able to depreciate the laptop but would have to work out an Opening Adjustable Value first:

 

If you provide the following I will work it out for you:

 

Date Purchased, Total Cost, Reimbursement received ($300?), Date first started to use it for Sole trading business.