Looking to purchase an office chair used exclusively for working from home and I'm not being provided one by my employer. It'll be under $300.
Am I eligible to recover the full cost of the chair during my tax return? I'm a big tax noob and remember reading about this but it all sounded convoluted.
maybe
https://www.ato.gov.au/Individuals/Income-and-deductions/Ded…
skip down to "How to claim work from home expenses"
Choose best of 3 options
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No. You won't recover the FULL COST of the item. You will only recover the TAX VALUE of the item if you claim it in your tax return. Depending on your income tax bracket, that is around 30%.
correct i misread the question at hand, I didn't think anyone would be politely daft enough to think was possible.
What if you are a sole trader and only use the chair for work purposes?
@AustriaBargain doesn't matter. If you successfully claimed it and got the tax returned, the maximum that you are going to receive from claiming the item is the x% income tax bracket multiplied by the value of the item. So, you will not receive the FULL COST of the item.
Understood, thanks
Am I eligible to recover the full cost of the chair during my tax return?
You don't recover the cost - you can claim it :)
Wouldn't it be swell if the ATO gave you back in cash the full price of anything work or business related you bought.
Claiming an item only reduces your taxable income, you do not recover the full cost of the item - even in the highest tax bracket it is only a discount not a refund.
Only buy things you actually want, don't buy random stuff every year just because of EOFY FOMO.
what you mean we don't get 100% back, crap
Your question makes it seem like you don't understand what a deduction it. Might be worth looking that up first.
If you wanna get technical - you can't claim all of it either unless its literally ONLY used for work tasks haha
Does posting on OzBargain count as work task?
op: opens up ozbargain tab accidentally
agent smith type swat crew bashes door down, repels through window, smashes through walls, SMG's firing into air:
ALRIGHT SCUMBAG HANDS WHERE I CAN SEE 'EM!!! YOU'RE UNDER ARREST FOR TAX FRAUD
Look at the ATO site before buying crap and asking randos online.
We are not randos, we are professionals.
I'm not sure he ever mentioned buying crap.
OP I'm not sure about your chair but your couch is tax deductible as you always lay on it while working.
Or if you're a producer and use it as a casting couch.
My smartwatch is 50% tax deductible because I use the alarm to wake me up for work and I also get notifications of work emails 12 hours a day (including weekends though I'd probably answer them Monday morning).
yes