Published on June 1st, 2020 | by Alex Novus
Tax Time Tech | Productive tech that businesses and employees can claim ahead of the EOFY
June is always a challenging time of year for the 2.2 million small business owners in Australia, as well as the millions of other employees.
This year is even more crucial under the circumstances of COVID-19 – not just what is claimable for business owners, but what can be claimed by employees given the increase in working from home this year especially.
According to the ATO, if you purchase tools or office equipment such as computers, printers, phones, furniture and furnishings to assist in your new workflow, you can claim a deduction for some, or all the cost.
For employees this means an item costing $300 or less can be claimed back as a tax deduction, with items that cost above $300 being a deduction for the decline of value or its depreciation.
For businesses, the ATO has increased the instant asset write-off, with the threshold increasing to $150,000 (up from $30,000), for all businesses with an aggregated turnover of less than $500 million.
Either way for both businesses and employees alike, this is an important month of decisions.
Here’s a list of products that might be worth a look before EOFY hits us!Stay pro-dock-tive with the latest multi-port dock from Belkin – Belkin Thunderbolt Dock Pro
- Keep the office clean with a robotic vacuum cleaner – ECOVACS DEEBOT OZMO 950
- An affordable second device for your (or your employees) work phone – Alcatel 3X
- Have a small B2C business? Make your own professional looking labels and packaging with a smart cutting machine – Cricut Maker
- Don’t fret about monthly phone bills, opt for a pre-paid long term plan – Boost Mobile $300 12 Month Expiry Prepaid SIM
- Keep your workspace and devices clean and germ free – Laser Computer Cleaning Range