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As this is an asset, it would need to be added to the balance sheet as such. I'd also suggest you discuss this with your tax accountant.
All the best,
It would be highly unusual for a guard dog to be a tax deduction.
One might ask if it was "necessarily incurred" in earning Accessible Income.
As you are aware there is a $20,000 threshold for immediate deduction - it ends on 30 June 2018.
Alan suggests talking to your Tax Accountant - i concur.