12 products that could be tax deductible this EOFY

What products could be tax deductible?

“I generally tell people to scan your workplace environment. Everything that you see will generally be deductible immediately,” says Dr Raftery.

Office furniture and technology such as:

Filing Cabinets

• Steelco Filing Cabinet 3 Drawer Lockable 1015h x 470w x 620dmm Graphite Ripple

Chairs

• Buro Metro Task Chair With Nylon Base Black
• Buro Verve High Back Task Chair Black

Desks

• Conset 501-33 Electric Sit Stand Desk 690-1185h x 1500w x 800dmm Beech/Silver

Printers

• HP OfficeJet 250 Wireless Colour Inkjet Portable Multifunction Printer
• Brother Hl-L5200Dw Wireless Mono Laser Printer

Shredders

• Fellowes Powershred 60Cs Cross-Cut Shredder

Kitchen essentials such as:

Fridges

• • • Nero Fridge 240L White

Microwaves

• • • Nero Microwave 1100w 42l Stainless Steel

Coffee Machines

• • • L’or Barista Premium Latte Coffee Capsule Machine Black

Office product essentials such as:

Pens

• • • Pilot Bpgp-10r-m-b Supergrip Ballpoint Pen Med Black Box of 12
    • BIC Cristal Original Ballpoint Pen Medium 1.0mm Blue Box 50
    • Staedtler Stick 430F Ballpoint Pen Fine 0.7mm Red Box 10

Highlighters

• • • Faber Castell Textliner Ice Highlighter Assorted Wallet 4
    • Stabilo Boss Highlighter Chisel Tip 2.0-5.0mm Assorted Colours Wallet 4

Scissors

• • • Westcott Kleenearth Straight Scissors 203mm Black Handle
    • Westcott Kleenearth Straight Edge 178mm Scissors Black Handle

Headsets

• • • EPOS Audio SC 135 USB-A Mono Headset
    • Jabra Engage 50 Mono USB-C Headset

And the list goes on!

What assets are not tax deductible?

“What I always recommend is that if you are going to spend money, make sure to spend it on something that is tax deductible. There is nothing worse than spending significant dollars and getting nothing in return. Your registered tax agent will generally be able to confirm if a purchase is tax deductible or not, but a good rule of thumb is that it must be incurred and be primarily used for business,” says Dr Raftery.

“Over the next three years, businesses with a turnover under $5 billion can immediately deduct the business portion of the cost of eligible new depreciating assets regardless of its cost under the Temporary Full Expensing concession. For second-hand assets, turnover must be below $50 million to qualify,” explains Dr Raftery.

There are a few exceptions to the immediate write-off deduction under the Temporary Full Expensing method for eligible businesses. These include:

• Assets not located in Australia
• Any non-business portion of the asset
• Non-depreciating assets such as land
• Buildings including any capital improvements (although these are usually deductible over 40 years via a separate Division 43 allowance)
• Trading stock on hand at year end (but this is claimable in future years when goods are subsequently sold)

“A further restriction for this immediate deduction is placed on the purchase of motor vehicles as the claim is capped to the business portion of the car depreciation limit of $59,136.

“For large businesses with turnover greater than $5 billion, there will be a need to depreciate assets over a number of years dependent on their respective effective life as determined by the ATO,” says Dr Raftery.

Take advantage of the Temporary Full Expensing concession this tax time by shopping our EOFY sale or shop from our extended range of office products, technology and furniture.