The end-of-financial-year (EOFY) sales in Australia is the best time to buy a bargain and get all your finances in order. You can claim tax deductions for new purchases if they are work-related products over the EOFY period.
Now, this doesn’t mean an exact amount reimbursement in your tax refund. It’s a reduction on your taxable income — amount used by the Australian Taxation Office (ATO) to determine your tax for the year.
You can claim the full amount as a deduction if you spend $300 or less on work-related expenses. For purchases that cost more than $300, you can claim the depreciation of the item over its working lifespan.
Note: If you buy something that’s used both for work and personally, you can still claim the percentage used for work.
Products you can claim
Laptops and tablets
You can claim depreciation (over 2 years) when you spend more than $300 on laptops, such as Vostro 15 3000 ($548.99), if it’s used for work.
For small business owners, claim a laptop as instant asset write-off up to $1000.
Note: Look for laptop and tablet reviews and other laptop deals before buying.
Smartphones
With the AU business year coming to an end, retailers have already lowered prices and offered some excellent EOFY smartphone deals — some of the best flagship brands on the market.
Apple iPhone SE (32GB, Space Grey) – Australian Model ($429)
Look for these features in considering your smartphone:
- Operating system (OS) — Android or iOS
- Technical specifications — chipset horsepower
- Storage
- Display — OLED
Fast wireless routers
For gadgets in your home office to work fast and reliably, use a fast wireless router for your home WiFi.
TP-Link Deco M5 Whole Home Mesh WiFi 3 Pack System ($289)
This TP-Link Deco M5 Whole Home WiFi System is a whole house WiFi solution which offers comprehensive security. It delivers uninterrupted WiFi to every room by using 3 separate AC1300 units for up to 4,500 square feet of coverage.
Printers
Whether you need a printer for business or home office, choose the right one suited for your needs.
Consider what type of printer is best for you and what features may come in handy. Multifunction printer with a scanner? Laser or inkjet?
Canon Pixma TS8160 Black Inkjet Multifunction Printer
— with bonus Photo Blue Ink Cartridge ($149)
This powerful all-In-one Canon Pixma TS8160 Black Inkjet Multifunction printer delivers premium quality printing, multiple wireless connectivity options, and an easy-to-use touchscreen — all from a stylish and compact body.
It now features a new 6 ink system with Photo Blue ink, Bluetooth capability, and Message in Print function.
Here are your other EOFY printer options.
Portable storage
Portable media storage devices, external hard drives, and online cloud backup and storage services retail for less. Take advantage and you may claim the full amount of these EOFY portable storage as a deduction at tax time.
Seagate 4TB Expansion Portable Hard Drive USB 3.0 ($199)
The Seagate 4TB Expansion Portable Hard Drive USB 3.0 is compact and perfect to take on the go. Powered from the USB cable and Windows® Plug and Play enabled, saving files is easy — simply drag and drop.
Running costs
You can also claim work-related proportion of your running expenses (heating, cooling, and lighting) working from home.
ATO has specific details on home office expenses.
Short term business loans in Australia
The last thing you want is to miss out on business opportunities during end-of-financial-year sales. If you are in need of a short business loan for your EOFY purchases, Cigno Business Solutions can definitely help you.
With CBS’s short term business loans online application and simple pricing structure, a great business service is delivered at great speed. You can also find out how much your repayments will be by getting a free, no-obligation quote.
