ARTICLE

How To Shrink Your Small Business Tax Bill – And Smarten Up Your Home Office

February 22, 2024 – 5 min read

The End of Financial Year is an important time for anyone running a small business at home. And by making a few savvy purchases in The Good Guys EOFY Sale, you can shrink your tax bill and give your home office a glow-up at the same time.

That’s because legitimate business expenses can be claimed on tax, securing you a bigger return. To include home office buys on your next tax return, simply do your shopping before June 30 rolls around and hold onto your receipts.

Want to make the most of tax time? Find out more about the EOFY sale here

What Can I Claim On Tax?

From computers to mobile phones and even vacuum and cleaning products, there are a lot of important essentials small business owners can lodge as a tax claim. Of course, exactly what you can claim depends on your line of work. But whether you’re a tradie on the go, a hairdresser with a home salon or a bookkeeper who works remotely, this is the time of year to invest in those big home office ideas.

So, how can a small business reduce taxes – and organise their home office at the same time? Finance expert Katie Cunningham is here to show you the way.

Need some inspiration for your home office? Check out our tips to make the space feel like your own sanctuary

Tax Tips For Home-Based Tradies

Wondering what a small business can claim on tax? If you’re a tradie, there’s a lot you’re eligible to lodge as a business expense. Trade work is physical, which means tradies typically need tough phones that can handle a bit of wear and tear – not something that’s going to shatter the first time you knock it off a ladder.

If you’re driving out to clients or job sites throughout the week, you’ll also need a GPS system to get you there safely. And those working with noisy power tools may even be able to claim noise cancelling headphones as ear protection.

Whatever your trade, you’ll also need a home computer for doing your accounting.

Best Tax Time Buys For Tradies

Samsung Galaxy A54 5G 128GB - Awesome Graphite, a phone with all the best features for those on the go. Water resistant and with a battery that can last up to two days, perfect for on site work.

Navman MiVue 870 Safety Dash Camera, allows you to clearly see directions while driving to a job with 1080p Full HD LCD screen.

Sony WH-1000XM4 Noise Cancelling Headphones, which are wireless and allow you to safely move around at work.

“Whether you’re a tradie on the go, a hairdresser with a home salon or a busy bookkeeper working remotely, this is the time of year to invest in those big home office ideas.”

Tax Tips For Home-Based Beauty Professionals

How can you reduce your tax bill as a beauty professional? If you’re a hairdresser, make-up artist or nail technician, there are a lot of expenses you can claim to pay less small business tax.

If you’re running a business from home, you’ll likely need cleaning appliances to keep your space hygienic. For hairdressers, that could be a vacuum cleaner to tidy up after you’ve given a client a trim, as well as a washing machine and dryer to launder the towels you used.

Hairdressers can also claim hair styling tools, while make-up artists could claim cosmetic mirrors. Foot spas are a legitimate business expense for nail technicians.

Like any small business owner, you’ll also need a computer to do your accounting and the latest smartphone to communicate with clients.

Best Tax Time Buys For Beauty Professionals

Bosch 8kg Front Load Washer, to wash towels and your work uniform.

Dyson V7 Motorhead Cordless Vacuum, to clean up your home salon space between clients.

Electrolux 6kg Sensor Dryer, for quickly getting your towels dry on the job.

Tax Tips For Home-Based Clerical Businesses

When you run a small business at home, there are plenty of expenses to be claimed on tax.

Whether you’re a writer, bookkeeper or freelance social media gun, you’re going to need a good computer to work on. For a proper home office set-up, you’ll likely want to invest in a printer to sign and scan important documents. A smartphone will be essential to communicate with clients and send emails on the go.

You’ll thank yourself later for taking the time to create an ergonomic small business office. As well as the right chair and desk, that means a monitor you can plug your laptop into, plus a good keyboard and mouse.

Best Tax Time Buys For Clerical Businesses

Epson EcoTank Pro, which allows you to print, scan and copy all in one.

Ergovida Monitor Electric Workstation, which converts easily from a sitting to standing desk to keep you healthy on the job.

Samsung 27" Curved Monitor, so you can see the screen clearly without straining.

Don’t forget to check out more EOFY tips here

Looking for computer tech and appliances to make your job easier? Visit us in store or online for expert advice on creating your dream home office or workspace, and save in The Good Guys EOFY Sale.