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As a general rule, you can claim deductions for expenses you incurred in gaining or producing your income - for example, in carrying on a business - but some expenditure, such as the cost of acquiring capital assets, is generally not deductible. However, you can claim a deduction for the decline in value of the cost of capital assets used in gaining assessable income.
The Guide to depreciating assets 2005 explains:
Last modified: 01 Oct 2006QC 27597
- how to work out the decline in value of your depreciating assets
- what happens when you dispose of or stop using a depreciating asset, and
- the deductions you may be able to claim under the uniform capital allowance system (UCA) for capital expenditure other than on depreciating assets.