2017 Tax Tip #4 - Claim Depreciation

Posted by Georgia Kirby on Jun 26, 2017 7:00:57 AM

Assets costing below $300 that are used to generate income can be immediately deducted. These assets may include tools for tradespeople, calculators, briefcases, computer equipment and technical books purchased by an employee, or minor items of plant purchased by a landlord.

Assets costing over $300 that are used for an income producing purpose can be written off over a period of time as a tax deduction. The deduction amount is typically determined by the asset’s value, its effective life and the extent to which you use it for producing income.


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Topics: TAX


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