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The end of the financial year is a good time to take stock of how your business has been running. It’s also a good time to consider investing in new tools and equipment essential for your business, the cost of which you may be able to claim on your tax return.
There are often great EOFY deals and exclusive releases at this time of year, and you may be able to claim them as a tax deduction, offsetting the cost of big-ticket items, as long as they are a genuine business-related expense.
Your safety equipment – hi-vis, hard hat, boots, gloves, respirator, eye protection, ear defenders – should be checked regularly to make sure they fit well, are still fit for purpose, and are free from damage. Take the time before end of financial year to review them and replace or add items if necessary.
Tip: Remember that, if you work outdoors, sun protection is also part of work safety. If you need a new pair of sunnies for the jobsite, add them to the list.
There’s a requirement to have first-aid equipment on-hand in the workplace. It’s also a good idea to have a kit for your car, too, so that you’re covered on the way to and from worksites. Also consider stocking up on hand sanitiser to help defend yourself and your team against germs and transmissible diseases.
While you’re reviewing your safety equipment, check your tools for any worn or missing items. Even if your power tools are in good condition, an upgrade to a battery-operated range could make your work life easier, while a brand-new set of Forstner bits could be just what’s needed to complete your kit. Look out for special EOFY deals in store.
Back-up batteries for your cordless power tools are a useful addition to your tool kit to help keep you running seamlessly throughout the working day. If you’re looking to dispose of old ones, check out our battery recycling program in-store.
Turn to technology to help your workday run smoothly. A digital spirit level can save you valuable time on the job, or let a digital distance measurer take the hard work out of assessing a site area.
Certain buys can make life easier on the jobsite. A versatile tool belt can help keep everything you need on-hand while you’re working, while a powerful work light will illuminate dingy afternoons and dark corners. A tough protective case for your work phone is an essential investment. All of these items will improve your day-to-day experience, and they are also likely tax deductions at end of the financial year.
Lost tools will cost you in both time and money, so it pays to keep them secure, whether they’re at home, in your vehicle or onsite. Locking your gear in a secure cabinet at home, investing in a strong box for your van or ute, and using a lockable case on the jobsite will help deter casual thieves.
Need to splash out on a pricey item, such as a generator or a brick saw? Invest by the end of June and – provided the item and your business are both eligible – you could be able to claim an immediate tax deduction under the ATO’s temporary full expensing scheme.
Items needed to run your home office – such as filing cabinets, computer hardware and software for accounting or project management programs – can all attract a tax deduction if used at least partly for your business.
Keep your knowledge up-to-date with subscriptions to business publications (online or otherwise) or boost skills directly related to your existing business through training programs. These may be tax deductible and can make you and your business more resilient.
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.
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Photo Credit: Getty Images, Catch Muscat, Bunnings
Asbestos, lead-based paints and copper chromium arsenic (CCA) treated timber are health hazards you need to look out for when renovating older homes. These substances can easily be disturbed when renovating and exposure to them can cause a range of life-threatening diseases and conditions including cancer. For information on the dangers of asbestos, lead-based paint and CCA treated timber and tips for dealing with these materials contact your local council's Environmental Health Officer or visit our Health & Safety page.
When following our advice in our D.I.Y. videos, make sure you use all equipment, including PPE, safely by following the manufacturer’s instructions. Check that the equipment is suitable for the task and that PPE fits properly. If you are unsure, hire an expert to do the job or talk to a Bunnings Team Member.
