Tax deduction - Computer monitor

Twk123 on 22/06/2021 - 09:36

Hi guys,
I’ve been working from home this FY but recently I wanted to get a computer monitor for tax deduction this FY. The monitor costs less than $300.
What I understand from a tax prospective, we can only claim the computer monitor for as WFH expense for the portion we used in that FY.. since there’s a week left, am I only able to claim the week’s portion or can I fully deduct? Is it better off to just purchase in the next FY?

Thanks!

Financial

Comments

  • AndyC1 on 22/06/2021 - 09:43
    +7

    Ask your tax accountant. No one on OzBargan can give you tax advice you can relay on if the ATO asks.

  • Pelicannn on 22/06/2021 - 09:54
    +7

    OzTaxadvice here:

    The immediate deduction is available if all of the following tests are met for the asset:

    • it cost $300 or less
    • you used it mainly for the purpose of producing assessable income that was not income from carrying on a business
    • it was not part of a set of assets you started to hold in the income year that cost more than $300
    • it was not one of a number of identical or substantially identical assets you started to hold in the income year that together cost more than $300.

    Then use the Actual Expenses method for costs to calculate depreciation, and use the immediate deduction for an asset costing less than $300.

    Also FWIW, I don't have any qualifications in that field. It's amazing what google can tell you though.

  • Sum-Ting Wong on 22/06/2021 - 10:05

    Just read a similar question: https://www.reddit.com/r/AusFinance/comments/o4tyvg/deprecia…

  • Ryanek on 22/06/2021 - 10:08

    Hopefully nicolemcmilllon can answer you. She seems to be the resident accountant on OzBargain

    • nicolemcmilllon on 22/06/2021 - 14:16
      +1

      If its $299 you'll get a tax benefit of about $100 depending on your tax rate. Just claim it and move on.

  • trex on 22/06/2021 - 11:09
    +3

    You can claim the WFH portion of $300 regardless of when you purchased it as long as it is within the same financial year. The $300 cost is not just for a week but it is for the life of the monitor.

  • macrocephalic on 22/06/2021 - 12:20
    +4

    There are temporary changes to the Working From Home expenses for the March 20 - June 21 period. You might find it easier to just use one of these:

    https://www.ato.gov.au/individuals/income-and-deductions/ded…

    TLDR (but not tax advice):
    80c/h to cover everything WFH related.
    52c/h to cover heating, cooling, lighting, decline in value of furnishings. You can then claim extra expenses on top of this for internet, phone, and items.
    Actual cost - do all the calculations with proof.

    All the usual disclaimers about me not being an accountant and this not being advice - I'm just a guy who does his own tax return.

Login or Join to leave a comment
Login Join