• Small Business Tax Break

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Make The Most of Tax Time For Your Small Business

5 min read

Tax time is looming, but it shouldn’t be all gloom and doom. If you have a small business there are many different types of tax deduction and claims you can make, so it can be a great opportunity to upgrade your devices and appliances. Even better, with all the EOFY sales in the lead up to June 30, you can pick up some great deals. Whether you’d like to get the latest laptop for your home office or jazz up your waiting room with a smart TV, we’ve got plenty of ideas to help you!

Make The Most of Tax Time For Your Small Busines | The Good Guys

Small Business Tax Breaks: Who Qualifies and What Can you Write Off?

Depending on the size of your small business you may be eligible to deduct the entirety or part of your purchases with the instant asset write-off scheme. There are threshold limits and eligibility criteria, so be sure to check out the ATO website and speak to your accountant for more information.

What Part of your Small Business Needs Updating?

Do you have a small business with a home office, office kitchen or waiting room that needs updating? Perhaps you’d like to upgrade your devices, hospitality or salon equipment or maybe spruce up your gallery or retail space? Keep reading for value-adding inspiration!

Home Office

Whether you have a small office space or a workplace set up at home, now is the perfect time to upgrade on office essentials and cross off those items on your wish list before the end of financial year.

Top 8 Things to Consider Buying for your Home Office at Tax Time

Office Kitchens & Waiting Rooms

Offer clients and staff a space where they can feel comfortable and at home. Take advantage of the small business tax break, ensure you have the latest appliances so people can enjoy themselves with a decent cup of coffee and be entertained whilst they wait.

Top 8 Things to Consider Buying for your Office Kitchen or Waiting Room at Tax Time

  • TVs to make wait times and break times more enjoyable
  • Automatic or capsule coffee machines for fuss-free coffee without having to leave the building
  • A great kettle and a range of teas to keep clients and staff happy
  • Toasters for those mornings when you can’t fit breakfast in before work
  • Sandwich press that can be used for everything from toasties to fried halloumi
  • Microwave to revive leftovers into an exciting lunch
  • Fridge with enough space for everyone’s lunch and groceries
  • Dishwasher to eliminate squabbles over the ‘cleaning fairy’
  • Air purifier to keep the air clean and remove pollution particles

“If you have a small business, you may be eligible to deduct the entirety of your purchase if it’s purchased before 30 June."

On the Go Devices

Whether you’re on the road, working from home or in an office space, you want your clients and employees to be able to reach you at all times. You never know where your day will take you, so this tax time why not stock up on a new phone, laptop and more to ensure you’re always prepared.

Top 8 Things to Consider Buying for Working On the Go Devices at Tax Time

Hospitality Equipment

Allow the focus to be on service with the use of high-powered quality appliances making prep time easier and faster. It’s time to get the products you’ve been eyeing off and make use of the small business tax offset.

Top 8 Things to Consider Buying for your Café, Restaurant or Bar at Tax Time

Make The Most of Tax Time For Your Small Busines | The Good Guys

Hair & Beauty Salon

Allow your clients to experience luxury and feel truly pampered in your salon with the latest and greatest technology. If you’re planning on upgrading equipment, it’s a good idea to finalise your purchase before the end of financial year to make the most of the small business tax break.

Top 8 Things to Consider Buying for your Hair or Beauty Salon at Tax Time

Gallery or Retail Space

Create the perfect atmosphere for your shop or gallery with the help of some little luxuries, allowing customers to feel comfortable and welcome in your space. There’s no better time to make these adjustments than now by taking advantage of the small business tax offset.

Top 8 Things to Consider Buying for your Gallery or Retail Space at Tax Time

Don’t forget to check out our product buying guides here to help maximise your EOFY tax purchases.

This article has been prepared for informational purposes only and should not be relied on for tax, legal or accounting advice. Please consult with a professional accountant to find out if any of the above products are claimable for your small business.

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