Online business – claim your camera as a tax deduction
Gone are the days where you copy a photo off the Internet and use it on your blog without the owner knocking on your door asking for compensation. So the solution? Take your own photos!
From 1 July 2012 eligible small business owners can now claim an immediate deduction for assets costing less than $6,500. If you have purchased a camera to use as a marketing tool to take photos for your blog articles and website, then you can now claim the cost up to $6,500 as an outright deduction in the year you purchase it.
Remember that if you’re using the camera for personal as well as business, then you will need to apportion your claim between business and private.
So for all those multi skilled entrepreneurs out there who have a knack for taking photos as well as building an online business. Start snapping and save some serious dollars come this tax time. As for the rest of us, you will be happy to know that any photos you purchase from a photographer to place on your website are also a tax deduction.
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