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Offline dkabab

Well I do to a degree but I don’t have an ABN for it yet… if that makes any difference.

I do photography, motorsport and photoshoots which involves a lot of driving and other random expenses… costs of website… computer gear etc…
I have about $15k in camera gear… about 12k worth purchased in the last financial year. Is there a way I could depreciate these or is it a bit late for that.
And would I have to depreciate it against earnings (or lack of) from the photography which I would need to declare?

Offline futurism

  • Joined: Jan 2009

  • Drives: Regretfully sold my GT3
  • Location: Adelaide
  • Name: David
strictly speaking, you need to depreciate the cost against the earnings from that industry

so if you are employed as a plumber, you cant depreciate the cost of beer and hookers
but if you are employed as a pimp who owns a brewery, you can

where it gets tricky is when you are self employed and dabble in lots of different ways of making an income
companies do this all the time, where they invest in a new project and depreciate it against the revenue from the entire company

but to do some of that you need not just an ABN, but an ACN, and you need to be audited, you dont want to go down that path

ive considered doing some similar things myself, guitar playing/music production earns me some income, and I spend it on guitars and recording equipment, the problem then becomes showing proof of that income (which means paying income tax on it)

I doubt you are going to be in a position as a photographer to start issuing invoices and paying GST input credits at this stage (if you are then thats fantastic)

I suspect theres some real entrepreneurs on this forum who will know more about this, theres probably also some people who have been in tax trouble before who might chime in

Offline PA

  • One man comedy gala

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You don't need to be registered for GST if your turnover is less than $75k. for the year.
If you want to claim the GST on your equipment you will to have an ABN and register for GST.
You do not need to have an ABN to claim the expense of your equipment if you can show you also have a taxable income or can show an effort to earn income during the period.
After some years the ATO may question you if you never show a profit from your operation.

Offline mondi

  • Resident Bogan
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So….. anyway one of the things I've heard lots of people claim is mileage on their car from driving for work purposes… Apparently you don’t need to provide a log book if its under 5000kms… is this accurate?

Some other things I've heard are washing of clothes… (I’m assuming washing powder) etc… I've done a quick search but couldn’t find a big list on things to claim… individually they aren’t worth much.. but if I can claim lots of small things, it will all add up.

If you travel less than 5000kms, I think you need to have a dairy entry, but it does not include driving to and from work. That's what an accountant has told me. And you can claim up to $300 for work expenses without proof, anything over that needs to be documented. Laundry can only be claimed for an official uniform or protective gear up to $150. Again what I have been told by an accountant.

Offline mondi

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I can claim heaps of stuff for work travel
even though work pays for flights and accommodation and meals, you can still claim for incidentals without receipts for each night you are away

I stay in hotels interstate about 180 nights per year on average, and you can claim around $20 per day in undocumented incidentals

Damn, so you can claim about $20???  The ATO will not let us claim that extra 'cos we have an incidentals built into the travel allowance.  :scratchchin:

Offline futurism

  • Joined: Jan 2009

  • Drives: Regretfully sold my GT3
  • Location: Adelaide
  • Name: David
yes, I think the exact figure is $21.90 per day, theres a chart that has location and salary levels, which I find interesting, higher earners get to claim higher incidentals

I dont get any travel allowance, I just get a company credit card
I guess you cant always pay credit everywhere, train tickets, coffee etc. but I doubt this adds up to $21.90 per day

Offline dkabab

speaking of the travel allowances... i got 1800 i think it was last year for spending more than 180 days near coober pedy.... i still dont think it was enough compensation.

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