Published on 17/06/2016 by Punchmedia

EOFY: A Big Time for Small Business - What Can I Claim?

In the second article in our EOFY series we look at some items small business owners might not know are tax deductible. As June 30 approaches, many businesses will attempt to get their finances in order to make the most of these last few weeks and along with regular compliance, industry experts saya there are plenty of tax opportunities that aren't immediately obvious. Based on research conducted by H&R Block and Officeworks, 68 per cent of businesses are still not fully using last year's $20,000 instant tax write off.

While the most commonly claimed items are vehicles (usually second-hand to come under the $20,000 mark), technology and tools, the list does not have to end there.

Of course the usual rules apply. Keep proof of purchase and don't attempt to stretch or break the rules. The ATO is well aware that some businesses take liberties and may well take a closer look to make sure the the deduction is a fair one.

Check Out Some Claimable Items You May Not Know About

* Works of art: While it seems wrong, buying art for your workplace and writing if off on tax in perfectly legal. Whether it's for a boardroom or a cafe wall, the immediate write-off rules apply. * X-Box consoles, ping-pong tables, pool tables, gym equipment: Equipment you buy to keep workers happy, healthy and engaged is definitely on the list. Just make sure you keep receipts. * TV sets: So long as the telly isn't for your own living room and only resides in a reception area or employee recreation zone, that new tv is a write-off. * Guard dog: No, we don't mean that handbag pooch or that designer Pomeranian. If you have a genuine guard dog that provides security for your tools or property, it is considered a working beast and a capital asset. Working animals on farms fall in the same category. As with other assets, the portion of the maintenance costs needs to be broken down into portions of the day when they are working and when they are just pets. * Kitchen equipment: Whether it's as simple as a sandwich press or as complex as a state of the art coffee machine, dishwasher, microwave and fridge, most workplaces these days have some facilities. * Article put together with assistance from The Age

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Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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