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24
May

CLAIMING DEDUCTIONS FOR TOOLS, EQUIPMENT AND OTHER ASSETS

Did you purchase any equipment, tools and other assets throughout your taxable year? If yes, then you have a chance to claim a deduction from your taxable income. You can claim a deduction for those that were used only for work-related reasons rather than for personal reasons. The work-related tools, equipment and other assets you can claim for deduction are listed below: 

  • If the tools, equipment and other assets contributed to your revenue throughout the fiscal year;
  • If you have confirmed that the tools, equipment and other assets are being used for business purposes, instead of personal purposes;
  •  For an equipment/a set of items costing $300 or less, a deduction can be claimed over their total cost;
  • For an equipment/a set of items costing more than $300, one can claim deduction only on their declined value; 
  • Insurance and maintenance of equipment; 
  • Improvement of tools, equipment and other assets.

The tools, equipment, and other assets you use at work, may include, safety equipment,
computers and software, calculators, desks, chairs, lamps, filling cabinets and bookshelves, professional library, protective items, hand tools or power tools, technical instruments and other work related equipment.


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