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Furniture and fixtures, equipment and leasehold improvements are stated at cost. Depreciation of furniture and fixtures and equipment is computed using the straight-line method over estimated useful lives that range from two to ten years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the term of the related leases.
If the total amount you are claiming is $300 or less, you do not need to keep receipts, but you must be able to show how you worked out your claims. You need to keep written evidence of your work-related expenses for five years from the due date for lodging your tax return. If you lodge your tax return after the due date, the five years start from the date you lodged your tax return. For a depreciating asset, you must keep records for five years from the date of your last claim for decline in value (depreciation). Last modified: 05 Oct 2016QC 26103.