depreciating my camera and equipment

[TheCamel]

So, let us assume I bought a camera and some other relevant stuff this FY.

Of course, I've taken some awesome photos, but also some total ****.

How would I go about claiming back depreciation on the camera, etc ?

Is it ok to:
A) register a business and get an ABN;
B) sit at the local trash and treasure markets and ATTEMPT to sell photos
c) claim all relevant expenses and depreciation that relates to my attempts to earn income

Or, would I need to actually be making income for that to happen ?

 

[hrhpablo]

I'm no expert, but I reckon you would be able to! I know you can depreciate PC's, so surely the same principle would apply, if it was used for an income producing purpose?

Of course I stand ready to be corrected...

 

[TheCamel]

yes, but, potentially, i'm not making income, only trying to do so.

and would the camera then need to be owned by the ABN or anything like that ?

 

[alexlee]

yes, but, potentially, i'm not making income, only trying to do so.

and would the camera then need to be owned by the ABN or anything like that ?

An ABN is not a separate legal entity. An ABN belongs to an entity, like a tax file number.
Alex

 

[letiha]

What if you were using the camera to take pics of potential investment properties when you were inspecting them!!!!!!!!!!!!!

 

[Joe D]

So, let us assume I bought a camera and some other relevant stuff this FY.

Of course, I've taken some awesome photos, but also some total ****.

How would I go about claiming back depreciation on the camera, etc ?

Is it ok to:
A) register a business and get an ABN;
B) sit at the local trash and treasure markets and ATTEMPT to sell photos
c) claim all relevant expenses and depreciation that relates to my attempts to earn income

Or, would I need to actually be making income for that to happen ?

Do you have IPs or ever take photos for work?

Then of course you can claim camera and any other related costs.

Simplest way is to apportion private and income producing use and then either depreciate it a single year (if income use is <$300) or put it in the low value pool if <$1000.

Eg. You buy a digital camera for $499. You apportion the cost as 40% private use and 60% income-producing use. You can then write off $299 (60% of $499) in that FY even if you bought the camera in the last week of the FY.

Same principle applies to anything that you can legitimately claim as required for income producing purposes.