After running out and buying a bunch of assets that I needed for my small business in 2009 and to take advantage of the Small Business Tax break (claim 50% extra depreciation). I now need to do all the accounting for these computers.
I bought a computer that costs $1038. And the rule says the asset must cost $1000 or more to be elligble. So since there was $94.36 in GST, is my asset is less than $1000 excluding GST. Is it: 1) a depreciating asset, and 2) elligible for the tax break?
Short answer: no to both. The item has to be at least $1000 exclusive of GST (so $1100 or more inclusive of GST).
This is not tax advise, nor financial advise, and I am not qualified to give either. But if you need help loosing money on the stock market, follow my lead.