Re: 50% tax break for an espresso machine?
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50% tax break for an espresso machine?
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Re: 50% tax break for an espresso machine?
Youd best be quick as the asset has to be purchased by 30 Dec 2009 I think.
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Re: 50% tax break for an espresso machine?
Thanks Maheel,
Im really just looking to see if it is an avenue worth pursuing, sounds like it is 8-)
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Re: 50% tax break for an espresso machine?
I am an accountant but not a tax specialist, and this should not be considered TAX advice ok, but based on general accounting practice the following may apply. You need to confirm with your tax specialist prior to purchase for your business.
You could (and should) consider any items purchased over $1000 for use in your business as an ASSET, it would normally placed on your asset register and depreciated each year. (items under 1k are generally just 100% written off that year)
So based on that if they meet the eligibility then "YES" you could use this 50% tax thing. either way you still write them off over time if they are a business purchase.
IF you are asking can the new machine and grinder I buy for my " work from home business" well its more of a "NO". But if your work from home business has STAFF and CLIENTS coming to your house then there may be some "YES you can" as well.....
The ATO is not going to allow you to write off the full value of a coffee machine you have at home, but if its purchased for your office and is at work well then yes you can. (if it meets the eligibility they ask for).
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Re: 50% tax break for an espresso machine?
You must forgive me Thundergod, when you said you didnt give tax advice I thought you were going to stop giving tax advice ;D
Good advice all the same but you never know when you might find a tax accountant that knows the answer to my question lurking amongst the other coffeesnobs
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Re: 50% tax break for an espresso machine?
Exactly. Thanks AM.Originally posted by 07282123340B27282721232B232832460 link=1257585368/10#10 date=1257598057TG did not withdraw...
He answered your question... And then added a little wit
trentski as others have said since my post, the ATO will make the final decision,
Therefore my answer was short and not so sweet.
No matter how many of us think you should get the deduction, it aint gonna happen because of our opinions.
Ask them.
And as Brewman said, record everything and ask for it in writing; you may have to request a ruling in writing before they issue you with an official response.
Youre just wasting time here on that question.
Government departments are notoriously slow and the deadline is looming fast.
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Re: 50% tax break for an espresso machine?
Ask if theyll send you a letter stating their interpretation/ruling.Originally posted by 58777E7C6B547877787E7C747C776D190 link=1257585368/10#10 date=1257598057If in doubt ask them... provide ya full details and explain full what ya trying / want to do... Roll Eyes
If ya only give part info and then get audited... It is no excuse to say the ATO said... Unless you provided all the info and it was true and correct at teh time of asking and you have not changed any thing.... :
You document all conversations with the ATO in your diary, recording all details; time of conversation, full name of who you spoke, to transcript of conversation etc. but it wont hold the weight of a document with an ATO letterhead should you need it
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Re: 50% tax break for an espresso machine?
Ya sure thats just coffee youve been drinking today ???Originally posted by 6D694F5656534C5B543A0 link=1257585368/9#9 date=1257597841Im off to fly to the moon....... Againits so hard being an astronaught! I am......honestly.......guys!.......guys!!!!
I hear some of that tar type stuff from Turkey does add a kick to ya coffee ;D
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Re: 50% tax break for an espresso machine?
TG did not withdraw...Originally posted by 7177606B71766E6C050 link=1257585368/8#8 date=1257597137Even though Thundergod has withdrawn from the thread, the question is still open to other CS members
He answered your question... And then added a little wit ;D
Regardless of what anyone says; the ATO will make the call - When and where they want.. Its like you and me trying to determine a fact of law... Even a person with great knowledge can not predict what the Judge will hand down
If in doubt ask them... provide ya full details and explain full what ya trying / want to do... :
If ya only give part info and then get audited... It is no excuse to say the ATO said... Unless you provided all the info and it was true and correct at teh time of asking and you have not changed any thing.... :
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Re: 50% tax break for an espresso machine?
I personally wouldnt be asking a coffee forum for tax advice, dont want to sound like a grouch, but, call the ATO, they are the one who will or will not give you you deduction. Remember anyone can be a tax accountant when hiding behind a forum, oh that reminds me, Im off to fly to the moon....... Again :
its so hard being an astronaught! I am......honestly.......guys!.......guys!!!!
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Re: 50% tax break for an espresso machine?
Even though Thundergod has withdrawn from the thread, the question is still open to other CS members
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Re: 50% tax break for an espresso machine?
Ask the ATO.
They dont tell me how to make coffee and I dont give tax advice.
Its a neat arrangement weve had for years and works well.
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Re: 50% tax break for an espresso machine?
"All assets must be used principally in Australia for the principal purpose of carrying on a business and meet certain eligibility criteria."
If you are providing tea and coffee for your employees and clients is that considered being used for the purpose of carrying on a business?
I would argue that it is but I dont make the rules
They talk about meeting the eligibility criteria, does anyone know what that is?
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Re: 50% tax break for an espresso machine?
"I cant work with out coffee" might work to fulfill that. but I am guessing not...Originally posted by 427E6378727364717972160 link=1257585368/4#4 date=1257592393principal purpose of carrying on a business
but what about computers????
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Re: 50% tax break for an espresso machine?
"All assets must be used principally in Australia for the principal purpose of carrying on a business and meet certain eligibility criteria."
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