I own my own tools and equipment, but use them in my business. Are these items taxable?
- Details
- Published on Thursday, 11 October 2012 14:36
Yes. All furniture, fixtures, equipment, (office and shop), tools, machinery, computers, copiers, motor vehicles, aircraft, inventory held for sale on consignment, raw materials, goods in process, finished goods and/or those awaiting sale or distribution that are used to produce income are taxable whether you make a profit or not.