Claiming Immediate Deductions for Depreciating Assets: A Guide for Employees
When it comes to work-related expenses, the Australian Taxation Office (ATO) allows employees to claim immediate deductions for depreciating assets that cost $300 or less. While this rule is straightforward, four tests must be passed to qualify for an immediate deduction. Let’s break down these tests and how they work. 1. Test 1: The Asset…