Ten top buys for Tax Time

A helmet, notepad, boots, safety vest and tools on the floor

Make the most of "end of financial year" sales and small business tax concessions to set yourself up with the gear you need.

Disclaimer: This information is of a general nature only and should not be regarded as tax, financial, or legal advice. It does not take into account your individual circumstances or objectives. You should not act on the basis of this information without first obtaining advice from a suitably qualified professional advisor.

Tax time savings

June is a great time to invest in new tools and equipment. These are often good deals to be found, as well as exclusive releases over tax time. You can claim a tax deduction for most expenses from carrying on your business, if they are directly related to earning your assessable income. Plus, you may be able to claim an immediate deduction on items used for business, instead of claiming partial deductions over several years as they depreciate.

1. Safety equipment

Most professionals have already invested in the essentials:respirator, safety glasses, hardhat and ear protection. However tax time is an excellent opportunity to take stock of your safety equipment and replace or add to it if necessary. Don't forget about protection for your hands, feet, knees and back - your body will thank you.

2. Big-ticket items

Since eligible businesses can claim an immediate deduction for the business portion of the cost of depreciating assets, this might be a good time to pick up a substantial piece of equipment at a discount - a generator, for example.

A lady using a mitre saw on timber outside

3. Smart technology

There are some amazing technology solutions for various needs. A digital spirit level can save you valuable time on the job, and take a look at Bluetooth ear protection or a drill riveter attachment.

4. Secure storage

Tools are a big investment, so it pays to keep them safe and secure in your work vehicle as you travel from job to job. To prevent your gear from becoming damaged or lost, organise it in a van storage unit or secure it in a strong box for your ute.

5. Mobile on the go

If you have the latest smartphone but your vehicle’s been going strong for years and there is no reason to ditch it, there are solutions available. Update your set-up with a wireless charger/cradle combo to incorporate to include Bluetooth functionality and charging options.

6. Better batteries

Have you been trying to run half a range of skin-only tools off two batteries? Stop selling yourself short and stock up on high-capacity power storage.

7. Invest in yourself

If you’ve been borrowing your mate’s compressor, MIG rig or cordless nail gun, now might be a good time to bite the bullet and make a deductible investment.

8. Power up

Tools can have strong sentimental value, That ancient drill your dad gave you may have served you well for years, but the latest brushless tools have so much more power and versatility. Don't feel badly about powering up if it saves you time and therefore money.

9. Work clothes

Are your work pants getting a bit threadbare? Does your hi-vis shirt stay grubby no matter how long it’s soaked in stain remover? Take the opportunity to kit yourself out with a new workwear wardrobe.

A person standing on a ladder measuring timber on top of a building

10. Home office equipment

Running your own business means you probably work at least some of the time at home. Invest in a decent laptop or tablet to keep work-related documents and correspondence organised, and consider investing in a professionally coded website or drafting or 3D design software.

Need to know

The information in this article is general in nature and is intended for small business operators only, not employees of businesses. It doesn’t take into account your specific financial position, needs or circumstances. As with any major project, you should look at your own financial position, objectives and requirements and seek professional advice before making any financial decisions.