Yes! Class 8 includes any "furniture, equipment and tools costing over $500". If you have tools that cost less than $500, you can claim them in Class 12 which will give you a 100% depreciation rate, which is equal to a current expense deduction.
Yes! Class 8 includes any "furniture, equipment and tools costing over $500". If you have tools that cost less than $500, you can claim them in Class 12 which will give you a 100% depreciation rate, which is equal to a current expense deduction.
What about items under $500 for my photography business such as a $130 space heater for my office? $450 camera harness? $430 stand or sit desk? Would these be considered tools under class 12? Or would I add these up to $1010 and put them in class 8?
The $500 limit is for tools only. The items you've listed would go under class 8. You would enter each one separately, and they will automatically be combined into the class 8 pool.
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