Announcements
Looking for answers? Search our popular topics or ask a new question.

ATO Community

Re: Expenses vs Asset

Initiate

Views 39

Replies 5

Good Morning All,

 

I'm wondering at what stage does an expense become an asset for a business?

 

I've purchased the following items which are 100% business use.

Monitor $186

Keyboard and Mouse $81

Printer $318

USB/HDMI adapter $50

 

Is there a dollar value which determines when an expense becomes an asset for tax and claiming purposes?

 

Many thanks in advance

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Taxicorn

Replies 4

@Swifty 

 

They are all assets and all except the monitor can be claimed outright multiplied by business use.

 

The monitor will need to be depreciated (as it cost over $300) over 5 years multiplied by business use.

 

 

5 REPLIES 5

Most helpful response

Taxicorn

Replies 4

@Swifty 

 

They are all assets and all except the monitor can be claimed outright multiplied by business use.

 

The monitor will need to be depreciated (as it cost over $300) over 5 years multiplied by business use.

 

 

Initiate

Replies 3

Thanks for clarifying that for me, really appreciate you replying. 

Community Manager

Replies 2

Hi @Swifty,

 

You've probably already made the same assumption as well, but I think @macfanboy meant your printer ($318) - not the monitor ($186). Pardon me if you're already on top of this Smiley Happy

Initiate

Replies 1

Thanks Josh, from my understanding it's anything over $300 that is depreciated.

Taxicorn

Replies 0

@Swifty @JoshH 

 

Whoops!

 

Yes the Printer NOT the monitor, sorry for the confusion.

 

Anything over $300 (for non business claims ie not a sole trader)

 

The Printer will have 5 years effective life.

 

If you are a sole trader then all of the above would be claimed outright x business use in the business.