The End Of Finiancial Year (EOFY) is quickly approaching and it is an opportunity for small businesses to make a big difference to their financial standing. The last thing any business needs is a massive tax bill. This is the time to ensure the books have been balanced, all your records are in order and get shopping.
The Government has recently made some changes to the instant asset write-off initiative, providing one of the best tax breaks for small businesses in Australia. These changes now enable businesses with a turnover from $10 million to less than $50 million to claim a deduction of up to $30,000 for the business portion of the said asset (both new or second hand) purchased and first used or installed ready for use between 7:30pm (AEDT) on 2nd April 2019 until 30 June 2020. Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use.
Here are just a few office furniture items to consider to maximise your savings for this financial year:
- Workstations: We offer a range of office workstation packages perfect of any small office or home office. With workstations suitable for 1-6 people. Including height adjustable workstations, that have been found to benefit health and improve posture.
- Office chairs: Our range of office seating offers a wide variety to choose from with task seating, boardroom/meeting room chairs, executive seating and stools. We also have visitor chair options that will leave a lasting impression with your customers.
- Storage: With a range of storage units we have plenty of items to tidy up your office, including open storage, bookcases, cupboards, filing cabinets, under desk storage and more. Browse our range of cost-effective storage solutions today to find what suits you.
- Office Accessories: Our office accessories provide the perfect finishing touches for any small office. Monitor arms are beneficial to clear up your desk and provide extra space. Our office accessories also include whiteboards, glassboards and noticeboards useful for communicating within a team.
It is important to keep in mind to be eligible for the deduction, you must have spent the money yourself and not been reimbursed, the item must directly relate to earning your income and ensure you keep a record of purchase. Read more about this at Deductions you can claim.
We recommend you contact your local registered tax practitioner for expert advice before you lodge your business tax deduction claim for 2019.
Additional links that may provide greater EOFY insight:
Find out more about claiming a deduction for expenses relating directly to work, including home office expenses, clothing laundry & dry cleaning expenses, vehicle and travel expenses, tools, equipment and other assets, self-education expenses and other work-related deductions.
There are also Occupation and industry specific guides outlining income, allowances and deductions that are claimable for work related expenses for the specific occupation or industry.
The Australian Tax Office even provides a calculator for home office expenses, to help you figure out how much you can claim as a tax deduction for your home office expenses.
Keep on top of any changes to Taxation that may impact small businesses. The ATO provides a Newsroom to provide small businesses with an array of tips and tricks including additional deductions you may not have considered, advice for paying super, forms you may require and more. There are also updates on any upcoming changes to rules and regulations. Providing an instant messaging service on their website where you can ask any questions you may have.