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.
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“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