Tax Deductions for Apple Watch Expenses
In the TaxSystem, the tax deductions available for Apple Watch expenses are quite specific.
Apple Watch as a Work Tool
Generally, a smart watch like an Apple Watch is considered a private expense and not deductible. However, if you require some of the smart watch’s functions as an essential part of your employment activities, you may be able to claim a deduction for it. For example, if you’re a nurse and use the Apple Watch’s timer for administering medication, you could potentially claim this.
Record Keeping Tips
Keeping accurate records is crucial for claiming these deductions. You should have invoices, receipts, or some other type of written evidence of any expenses. Electronic records are also acceptable, such as credit card or bank statements you download or access from the lender’s or bank’s website. It’s recommended to maintain your records for at least three years from the date you file your return.
Deduction Grabber App
To make record keeping easier, consider using the Deduction Grabber App. This free app allows you to snap a photo of your tax receipts and record your tax expenses as soon as you make them. It also includes an ATO compliant tax Motor Vehicle Logbook.
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