AdamC wrote in post #11813955
Don't forget, you don't 'charge' depreciation, you claim back on the income tax. You have to earn enough to pay enough income tax to claim it back..
True, but I use the word "charge" as just a generic descriptive word to mean, increasing your expenses (allowable deductions) for tax purposes. If you want to get really technical, the correct terminology is that depreciation is an allowable deduction against your assessable income for taxation purposes. But thanks for highlighting this so others don't get confused
Rai33 wrote in post #11813730
In regards to claiming tax refunds on your photographic equipment - I was told by an accountant that you must earn a minimum of 20K p.a. before you can start depreciating equipment on your tax claim. You are free to claim GST on equipment purchases if it as a second job but till you reach the minimum income level you are limited as to what you can claim. Not sure how accurate that is - would obviously be best to call the ATO and clarify this.
I'm an accountant, albeit a company auditor not a tax accountant so take this with a grain of salt
You cannot claim GST unless you have a ABN and are registered for GST. Individuals cannot claim GST, only businesses can. So you will need to register a business or organisation with an ABN, and register for GST in order to do so
There is no minimum to depreciate as far as I know