Can I Claim Depreciation on Business Equipment?

Quick Answer

Yes, you can claim depreciation on business equipment under Division 40 of the ITAA 1997. Depreciation allows you to deduct the decline in value of business assets over time, reducing your taxable income. Ensure your equipment is used for business purposes, and remember that the effective life of assets varies. Consult with a Chartered Quantity Surveyor or accountant for specific advice.