EOFY 2017

Is your small business using the $20K tax break?

At Officeworks, everything could be tax deductible. Now is the time to stock up on business essentials and update your office equipment. Shop before June 30 to take advantage of the $20,000 tax break, and claim immediate tax deductions for capital purchases up to $20,000*.

What can you claim?

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Tax Tip#1 Deduct your office upgrades

Does your office need new computers, laptops, phones, printers or office furniture? Each individual capital investment item you purchase under the value of $20,000 could be immediately deducted.

Tax Tip#2 Refresh your work space

Do your common areas need a facelift? You can claim costs of refitting your office kitchen or reception area – this could even include items such as TV’s, works of art and computer gaming terminals, as long as they’re used for business purposes.

Tax Tip#3 Stock up on stationery

It takes all sorts of stationery and consumables to keep your office running. Stationery, notebooks, accounting software and business manuals can all be tax deductible.

Tax Tip#1 Upgrade your equipment

Cash registers, in-store security systems, new computers or laptops, POS machines, accounting software, and retail furniture could all be written-off immediately using the $20,000 instant tax deductions for small businesses.

Tax Tip#2 Stock up on stationery

It takes all sorts of stationery and consumables to keep your shop running. Stationery, notebooks, accounting software and business manuals can all be tax deductible.

Tax Tip#3 Maximise your tax claims with deductions up to $20,000

If your business has an annual turnover of up to $10million, you can claim an immediate tax deduction for capital purchases costing less than $20,000 per item, whether you’re a sole trader, company, partnership or trust.

Tax Tip#1Claim your equipment

You can claim computers, laptops, printers and phones, as well as other tools, safety or first aid equipment that is used for work purposes. These could all be written-off immediately using the $20,000 instant tax deductions for small businesses.

Tax Tip#2 Stock up on stationery

It takes all sorts of stationery and consumables to keep your business running. Stationery, notebooks, accounting software and business manuals can all be tax deductible.

Tax Tip#3 Update your ride

If you buy a van, ute or other motor vehicle for use in your business, a tax deduction is available. For small businesses, purchases under $20,000 can be written off straight away. You could also deduct items such as logbooks and first aid kits for your vehicle.

Tax Tip#1 Update your space

Is your space in need of a facelift? If you’re a small business, new kitchen equipment, POS equipment and restaurant fit-out, such as chairs, tables and décor could all be tax deductible using the small business instant asset write-off.

Tax Tip#2 Invest in your business

Does your business need new computers, laptops, phones or printers? Each individual capital investment item you purchase under the value of $20,000 could be immediately deducted.

Tax Tip#3 Safety first

You may be able to claim tools, and safety or first aid equipment that is used in your business. These could all be written-off immediately using the $20,000 instant tax deductions for small businesses.

This advice is of a general nature. Please speak to your tax professional for advice tailored to your individual circumstances.

For more useful tips and tools visit hrblock.com.au

*This advice is of a general nature. Please speak to your tax professional for advice tailored to your individual circumstances.