Claiming Rifles etc On Tax

General conversation and chit chat - The place for non-shooting specific topics. Introduce yourself here.

Claiming Rifles etc On Tax

Post by NUTSACK » 06 Sep 2018, 5:45 pm

Has anyone claimed or have any info on claiming the cost of purchasing rifles and ammo etc on tax?

I'm in the process of getting my Category D license with the purpose of Vertebrate Pest Animal Control (contracting) and if i'm successful and purchase a new rifle i was wandering if i can claim it on my tax as it would be a tool of the trade and also depreciate in value..

I'm aware it would be best to speak with an accountant or tax specialist but thought someone might know something or had some general info..

Thanks
NUTSACK
Recruit
Recruit
 
Posts: 24
New South Wales

Re: Claiming Rifles etc On Tax

Post by Daddybang » 06 Sep 2018, 5:52 pm

Yep pretty certain firearms ammo cleaning products etc are allowed to be claimed :drinks:
This hard living ain't as easy as it used to be!!!
Daddybang
Second Lieutenant
Second Lieutenant
 
Posts: 2012
Queensland

Re: Claiming Rifles etc On Tax

Post by sungazer » 06 Sep 2018, 5:59 pm

The firearm like most tools could only be depreciated but the ammo could be claimed as it is a consumable.
sungazer
Sergeant Major
Sergeant Major
 
Posts: 1525
Other

Re: Claiming Rifles etc On Tax

Post by NUTSACK » 06 Sep 2018, 6:15 pm

Well that all sounds good..not sure how much i could claim back but if i'm purchasing anyway i'd prefer to get something in return.

I think my biggest dilemma will be which centre fire to get..i'm pretty set on a Ruger 10/22 for rimfire but haven't kept up to date in regards to auto centrefires..
NUTSACK
Recruit
Recruit
 
Posts: 24
New South Wales

Re: Claiming Rifles etc On Tax

Post by Bent Arrow » 06 Sep 2018, 6:17 pm

sungazer wrote:The firearm like most tools could only be depreciated but the ammo could be claimed as it is a consumable.


Its probably dead now, but there was a tax break for small businesses to do a full claim on capital items worth up to $20K a couple of years ago. Check with your accountant.
Bent Arrow
Staff Sergeant
Staff Sergeant
 
Posts: 753
South Australia

Re: Claiming Rifles etc On Tax

Post by NUTSACK » 06 Sep 2018, 6:52 pm

Ye i did read something about that earlier but only skimmed over it..It mentioned vehicles so i thought it was referring only to them..
NUTSACK
Recruit
Recruit
 
Posts: 24
New South Wales

Re: Claiming Rifles etc On Tax

Post by Sergeant Hartman » 06 Sep 2018, 7:34 pm

If you have an abn are a small business and use the firearm as a tool of your work and drive an income, you can for sure. If you are in primary production I reckon you could atleast claim one firearm. Ammo is consumable so can be claimed.

You get a refund on the GST, and the rest depends according to your tax rate..... in essence if you paying 30% tax a $2200 gun will cost you $1400.

Ohh the normal disclaimer..I am not a registered tax agent, whatever I say it it as general advice, do not base your decision on what I say in this party. Please speak to a registered tax agent for most authoritative advice
Sergeant Hartman
Sergeant Major
Sergeant Major
 
Posts: 1722
Victoria

Re: Claiming Rifles etc On Tax

Post by Stix » 06 Sep 2018, 7:54 pm

Ziad wrote:You get a refund on the GST, and the rest depends according to your tax rate..... in essence if you paying 30% tax a $2200 gun will cost you $1400.


Only dont pay the GST if you're registered for GST, & even the you still have to pay it up front...!!
If not registered for GST you pay it regardless...!!

Im no accountant, but i dont know where you got the $1400 from...??...

As mentioned earlier by others, i imagine the firearm would only be depreciable...how fast its depreciated is dependant on the options for depreciation in tax law of that year.


Nutsack...sit down with&/or ask your accountant if you're serious...!!!
The man who knows everything, doesnt really know everything...he's just stopped learning...
Stix
Colonel
Colonel
 
Posts: 3675
South Australia

Re: Claiming Rifles etc On Tax

Post by bladeracer » 06 Sep 2018, 8:08 pm

Ziad wrote:If you have an abn are a small business and use the firearm as a tool of your work and drive an income, you can for sure. If you are in primary production I reckon you could atleast claim one firearm. Ammo is consumable so can be claimed.

You get a refund on the GST, and the rest depends according to your tax rate..... in essence if you paying 30% tax a $2200 gun will cost you $1400.

Ohh the normal disclaimer..I am not a registered tax agent, whatever I say it it as general advice, do not base your decision on what I say in this party. Please speak to a registered tax agent for most authoritative advice


A firearm would be a depreciable tool of trade, probably 20% per year I would guess, unless you're particularly rough on your firearms.
A $2000 firearm would give you $400 off your taxable income in the first year.
Practice Strict Gun Control - Precision Counts!
User avatar
bladeracer
Field Marshal
Field Marshal
 
Posts: 12655
Victoria

Re: Claiming Rifles etc On Tax

Post by Sergeant Hartman » 06 Sep 2018, 8:55 pm

The current financial year, like last couple of years, all small businesses can depreciate all capital purchases upto a max value of 20k per item.

A $2200 gun has $200 worth of GST. Which leaves the gun value at 2k. then if you are a company or on the 30% tax bracket then that's a $600 savings in tax. This means 2000-600=$1400 value for a business. Obviously this applies only if you as a company or trust are making a profit and paying tax.

I dunno if the 20k limit applies to sole traders. Also ofcourse if you are not registered for gst (and a sole trader) then the above doesn't apply. Hence my disclaimer.
Sergeant Hartman
Sergeant Major
Sergeant Major
 
Posts: 1722
Victoria

Re: Claiming Rifles etc On Tax

Post by Stix » 06 Sep 2018, 9:12 pm

Fair enuf... :thumbsup:

Thats all assuming registered for gst, the business has the available cash to purchase outright, not running on borrowed money from a mortgage, personal loan, or even worse, an overdraft, & as i mentioned assuming its depreciated in the one year (which is not always the best way to go)...
:drinks:
The man who knows everything, doesnt really know everything...he's just stopped learning...
Stix
Colonel
Colonel
 
Posts: 3675
South Australia

Re: Claiming Rifles etc On Tax

Post by Lifesaride » 07 Sep 2018, 9:34 am

NUTSACK wrote:Has anyone claimed or have any info on claiming the cost of purchasing rifles and ammo etc on tax?

I'm in the process of getting my Category D license with the purpose of Vertebrate Pest Animal Control (contracting) and if i'm successful and purchase a new rifle i was wandering if i can claim it on my tax as it would be a tool of the trade and also depreciate in value..

I'm aware it would be best to speak with an accountant or tax specialist but thought someone might know something or had some general info..

Thanks

I’ve claimed gst back on rifles and ammo as a primary producer, accountant okay’d it after I explained biosecurity obligations and feral pest management plan in place. Haven’t bothered with depreciation.

On a side note, did you manage to do the updated vertebrate pest management course or the superseded course? Been Trapping wild dogs for a while now on my and neighbours properties and think it may be a viable option for a bit of off farm income in the local area once I have sussed out the insurance and licensing side of things.
Cheers
Lifesaride
Recruit
Recruit
 
Posts: 44
Queensland

Re: Claiming Rifles etc On Tax

Post by NUTSACK » 07 Sep 2018, 6:05 pm

I’ve claimed gst back on rifles and ammo as a primary producer, accountant okay’d it after I explained biosecurity obligations and feral pest management plan in place. Haven’t bothered with depreciation.

On a side note, did you manage to do the updated vertebrate pest management course or the superseded course? Been Trapping wild dogs for a while now on my and neighbours properties and think it may be a viable option for a bit of off farm income in the local area once I have sussed out the insurance and licensing side of things.
Cheers[/quote]

Which Vertebrate Pest Management Course are you referring to? I'm a Biosecurity Officer and have completed the week long course but i'm not sure if it would be the same one you are talking about..

I'm not out to make money or a living off doing this but a Cat D requires you to be a business and act as such. If i make a bit of scratch on the side then thats a bonus.
NUTSACK
Recruit
Recruit
 
Posts: 24
New South Wales

Re: Claiming Rifles etc On Tax

Post by Lifesaride » 07 Sep 2018, 8:26 pm

NUTSACK wrote:I’ve claimed gst back on rifles and ammo as a primary producer, accountant okay’d it after I explained biosecurity obligations and feral pest management plan in place. Haven’t bothered with depreciation.

On a side note, did you manage to do the updated vertebrate pest management course or the superseded course? Been Trapping wild dogs for a while now on my and neighbours properties and think it may be a viable option for a bit of off farm income in the local area once I have sussed out the insurance and licensing side of things.
Cheers


Which Vertebrate Pest Management Course are you referring to? I'm a Biosecurity Officer and have completed the week long course but i'm not sure if it would be the same one you are talking about..

I'm not out to make money or a living off doing this but a Cat D requires you to be a business and act as such. If i make a bit of scratch on the side then thats a bonus.[/quote]
Yeah that’d be it I’d say, Cert III in vertebrate pest management. I did read somewhere that at present it’s only available to government agencies and there has been a fair few issues with the roll out since it superceded the previous course feral pest management.
Cheers
Lifesaride
Recruit
Recruit
 
Posts: 44
Queensland

Re: Claiming Rifles etc On Tax

Post by NUTSACK » 08 Sep 2018, 10:47 am

It's definitely hard to get into as Gov agencies always get the preference and apparently there is quite a long waiting list for others wanting to do it. When i completed mine early this year there was 2 non Gov workers who only got in because there was 2 pull out at the last minute, 1 of them told me he had been waiting for a few years to try and get in.
It takes a lot to put it together as the speakers and trainers etc all work full time and come from different agencies all across the state so to get them all committed at the same time is hard. I enjoyed it but there is a lot to take in at once..
NUTSACK
Recruit
Recruit
 
Posts: 24
New South Wales

Re: Claiming Rifles etc On Tax

Post by duncan61 » 08 Sep 2018, 11:01 am

I have depreciated my .222 .243 and 7mm RemMag for the last 10 years as a regulation 6 kangaroo shooter I am classed as a primary producer.If you purchased a rifle for $1000 or less you can claim it in one go.Same rules as being a plumbing contractor
.22 winchester .22hornet .222 .243 7mm rem mag cbc 12g
User avatar
duncan61
Officer Cadet
Officer Cadet
 
Posts: 1905
Western Australia

Re: Claiming Rifles etc On Tax

Post by NUTSACK » 08 Sep 2018, 1:33 pm

Ok thanks. After searching for automatic rifle prices there is no chance in the world of picking one up for under $1000.
NUTSACK
Recruit
Recruit
 
Posts: 24
New South Wales

Re: Claiming Rifles etc On Tax

Post by duncan61 » 08 Sep 2018, 7:41 pm

Then it is depreciated as an company asset.All costs related to what you are doing are claimable.If your activities fail to make a positive financial outcome your activity may come under scrutiny. I made about $5000/annum shooting after expenses and have all my firearms paid for through the culling business I was taking part in.
.22 winchester .22hornet .222 .243 7mm rem mag cbc 12g
User avatar
duncan61
Officer Cadet
Officer Cadet
 
Posts: 1905
Western Australia

Re: Claiming Rifles etc On Tax

Post by bladeracer » 08 Sep 2018, 8:08 pm

duncan61 wrote:Then it is depreciated as an company asset.All costs related to what you are doing are claimable.If your activities fail to make a positive financial outcome your activity may come under scrutiny. I made about $5000/annum shooting after expenses and have all my firearms paid for through the culling business I was taking part in.


When I was a kid, fox skins easily repaid everything I spent on shooting. Two nice foxes bought a rifle back then.
Practice Strict Gun Control - Precision Counts!
User avatar
bladeracer
Field Marshal
Field Marshal
 
Posts: 12655
Victoria

Re: Claiming Rifles etc On Tax

Post by duncan61 » 08 Sep 2018, 8:50 pm

I heard some good stories at Billabong Roadhouse about fox shooting in the 70s when you were paid $33 for a salted skin.An elderly couple used to camp out for about 3 months and thin them out around that area.Where I shoot in Waroona there are a lot of foxes but I have no idea who would take them.I know you should not have foxes with game meat as the real risk of hydatits worm infection
.22 winchester .22hornet .222 .243 7mm rem mag cbc 12g
User avatar
duncan61
Officer Cadet
Officer Cadet
 
Posts: 1905
Western Australia

Re: Claiming Rifles etc On Tax

Post by Sergeant Hartman » 09 Sep 2018, 7:38 am

Um just a question have you spoken to a knowledgable accountant or another pro shooter
Sergeant Hartman
Sergeant Major
Sergeant Major
 
Posts: 1722
Victoria

Re: Claiming Rifles etc On Tax

Post by NUTSACK » 10 Sep 2018, 6:46 pm

No i haven't spoken with either yet. I was just throwing it up in case someone had gone through a similar process lately.
I'm not fussed if i can't get anything back as i would purchase this stuff anyway but the price of automatics is ridiculous so just thought i might as well look into it..
NUTSACK
Recruit
Recruit
 
Posts: 24
New South Wales


Back to top
 
Return to Off topic - General conversation