With the end of the financial year now here, the Australian Tax Office (ATO) is allowing small business to claim up to $6,500 for a depreciating asset. Officeworks is predicting that tablets and digital storage products will be the prime mover items to wrap up tax time in 2013.
Sales data over the past three years has seen a shift in consumer purchasing habits, with the trend towards technology products continuing to grow, says Officeworks national merchandise manager, Phil Bishop. And with the cost of entry lowering each year in the tech space, technology is on top at the end of this financial year.
"While some of the most popular Tax Time items have been new tech products like the 2 in 1 laptop/tablets, wireless printers and tax software packages such as MYOB; common office supplies such as ink and toner, stationery and furniture also spike at this time."
Under small business instant asset write-off rules, a small business can immediately write off (that is, claim a deduction for) a depreciating asset that costs less than $6,500 - if the item is to be used for taxable purposes. The ATO, which increased the write-off threshold from $1,000 to $6,500 in 2012, says these can include computers, phones and home office, fridges, coffee machines and more.
Officeworks has a Tax Time booklet and Tax Time themed classes. It has also developed an online Tax Time hub to offer advice. Please visit www.officeworks.com.au/taxtime