double tax deductions?

[rodimus]

WHat are the things that can claim double tax deduction?

I know computer and mobile phones,
but how about printers, computer lcd screen, fax, etc?

TO clarify, double tax deduction means you use your trust to buy it, and u also get deduction for lending money to your trust to buy it? Am i right?

Its been a long time (about 2 years) since i read Dale's book, so i need to brush up my memory.

[GreatPig]

Rodimus,

I'm no accountant, but I think any asset you buy has to be depreciated, not deducted.

The thing with laptop computers and mobile phones is that they're exempt from FBT. That means if you salary sacrifice them, you effectively get them from pre-tax (income tax) dollars. And if the company or trust is GST registered, I think it can claim back the GST as well.

This is just my understanding though, so check with your accountant.

Cheers,
GP

[geoffw]

Double deductions are things which you buy and the employer (which may be a trust) reimburses you. The "employer" claims the cost as a deduction, and you can also depreciate the full cost.

Some previous threads on the subject:

http://www.somersoft.com/forums/showthread.php?postid=73098#post73098 (but view the whole thread)
http://www.somersoft.com/forums/showthread.php?t=12813