There have been some tax benefits introduced for businesses and sole traders as a result of COVID_19 – including the instant asset write-off and working from home deductions.
As we all try to make the most of these uncertain and challenging times, and begin to plan and look forward to the coming months – here’s what you need to know as well as some inspiration and ideas to help you take advantage of these benefits.
Instant Asset Write-Off
The ATO has increased the instant asset write-off threshold to $150,000 (up from $30,000) for businesses with a turnover of less than $500 million (up from $50 million) for the period covering 12 March 2020 – 30 June 2020.
This means you can write-off the cost of any new and second-hand business assets purchased within this time, up to the threshold amount. After 1 July 2020, this instant asset write-off will be reduced to just $1,000 so, if you’ve been thinking about purchasing or upgrading your work vehicle, machinery and tools, computers or business and office equipment and furniture – now is the time.
Retail – are you preparing to re-open or thinking about how to entice wary customers back into your store? Ensuring your store delivers a positive and memorable shopping experience is now more important than ever – contact our team to find the right solutions to meet your retail needs, including:
- Gondola Shelving – single or double-sided for a variety of retail items
- Showcases – to show off and protect those exclusive or WOW items!
- Shop Displays – including racks, rails, dump bins and display tables
Warehouse – whether you’ve experienced an increase or decrease in storage needs as a result of COVID_19, we can help find solutions to help you respond to any changes, opportunities or challenges to your operations including:
- Mezzanine Floors – when you’ve run out of room and the only way is up
- Racking – cantilever or palette racking systems and accessories
- Cabinets – keep valuable or dangerous items safe and out of sight
- And lots more…
Office – making your workplace safe and comfortable for staff and clients to return is essential, but the 1.5 metre distancing requirement will not be lifted right away. Rather than see this as a temporary measure, you may choose to look at restructuring your layout for the long-term. We can help assess your current situation and find solutions and products to suit, including:
- Office furniture – stand-alone, height adjustable desks and chairs
- Reception furniture – individual armchairs, side tables and ottomans
- Partitions – screens, walls and partitions to divide spaces and people
Please note: Some exclusions to the instant tax-write off may apply, please check with your accountant or the ATO first.
Home Office Deductions
If you’ve found yourself working from home or have been working from home for a while but are still working from the dining table – now is also great time to set up that home office!
You can claim additional expenses related to working from home during the COVID_19 pandemic (electricity, phone, internet costs, consumables such as printer paper, ink and stationery) as well as home office equipment – up to $300!
Home office equipment includes things like computers, printers and phones, but also covers furniture and furnishings. We have a great range of quality home office products, including:
- Desks – height adjustable, student or executive style desks and workstations
- Chairs – ergonomic chairs in a range of materials, styles and colours
- Accessories – footrests and computer monitor stands
- Organisers – wall planners and pin boards to stay organised
More information about tax deductions related to working from home due to COVID_19 can be found on the ATO website HERE.
Whether you’re working from home or facing changes in your business, our experienced team can help assess your problem or opportunity and select the right new office, storage or warehouse equipment for you. Give us a call on 1800 772 726 before the EOFY and take advantage of these great tax benefits.
Disclaimer: this blog has been put together using information available on the ATO website, however we are not tax experts and recommend checking with your accountant before you make any purchase or lodge any work from home or business-related tax deduction claims.