With EOFY fast approaching, now’s the ideal time to make a checklist of the tax-deductible office supplies you want to secure before the next financial year rolls around. In this blog, we’ll provide you with some tips and guidance on which office essentials are worth claiming before the end of the financial year.
What Makes a Product Tax-Deductible?
First, let’s look at some common tax-deductible products.
Instant Asset Write-Offs
Instant asset write-offs are permitted by the ATO for eligible businesses, whereby the full cost of assets can be instantly written off in the same financial year. There are set thresholds to how much can be written off depending on the aggregated turnover of your business. To assess your eligibility, we recommend you refer to the official ATO website or speak with a qualified accountant.
If you’re eligible, you can get instant write-offs on a wide range of those must-have business essentials, including office furniture, computers, and other essential office equipment. These items must be purchased and ready to use before 30 June.
Common Deductible Categories
Outside of instant asset write-offs, common office equipment and supply categories that are deductible include:
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Key office equipment in tools: These include printers, computers, monitors, and other business machines.
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Office furniture and fitouts: These include desks, chairs, shelving, whiteboards, and ergonomic solutions.
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Technology: This includes software (such as operating systems, apps and programs), hardware (point-of-sales machines, receipt printers, monitors, computer accessories, etc.), and business subscriptions (Office 365, Adobe Suite, cloud services, generative AI subscriptions like ChatGPT, CRMs, etc.).
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Consumables: Includes office stationery, cleaning supplies, kitchen goods like coffee and tea, etc.
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Work-from-home items: If items staff use at home were purchased by the company and used for business purposes, these also often qualify for tax deductions.
Must-Have EOFY Office Essentials
Below are some key office equipment and supplies that are essential to day-to-day operations for every small to large business and are worth considering as a part of your EOFY purchase planning.
Ergonomic Office Chairs and Desks
If you have a bunch of office furniture that’s feeling outdated and needs an upgrade, it’s definitely worth considering the wide range of ergonomic solutions that exist out there. Keep your staff comfortable with posture-supporting furniture that features ergonomic design - serving to improve productivity while reducing the likelihood of injuries.
Keep an eye out for adjustable and standing desks, a popular addition for any modern office to give your team the ability to adjust their workspace to a height that suits them.
There are plenty of great brands to choose from, including the likes of Rapidline and Sylex, both of which we stock at Office Choice. When ergonomic office furniture is purchased for business use, it can be claimed in your EOFY tax return. And don’t forget about ergonomic accessories, including monitor risers, monitor arms, footrests, mousepads with wrist support, etc.
Printers, Shredders, and Scanners
It’s certainly worth taking stock of the printers, shredders, and scanners your office currently uses. Older printers may need replacing on a purely functional level, or their speed and security could be outdated by modern standards.
All of these products are essential for your business’s record-keeping, document security, and compliance, such as destroying outdated physical customer records with a shredder.
If you have older standalone printers and scanners, now’s a great time to purchase something like a multi-function printer that can handle printing, scanning and photocopying. Not only does this streamline the number of pieces of tech you need to maintain, but they’re also a versatile and tax-deductible solution. You’ll find plenty of multi-function printer options from Brother and Canon.
Tech Tools Like Projectors and Tablets
Items like projectors and video conferencing devices are also worth considering for purchase. You’ll find plenty of portable projectors and video conferencing options these days, well-suited to situations like on-the-go meetings, impromptu brainstorming sessions, and more.
In a world where hybrid working is increasingly common among Australian businesses, projectors and associated video conferencing technology aren’t only essential for meetings, but they also facilitate easier collaboration for remote teams or hybrid work setups.
These tech tools are considered assets to the business if they’re being used purely for work purposes and can qualify for deductions if you purchase them before EOFY.
Everyday Consumables and Bulk Stationery
To keep things like printers running smoothly and to avoid those days when you’re out of an ink cartridge, we also recommend you top up on any key consumables. This includes printer ink and toner, along with plenty of copy paper. You might also want to consider stocking up on basic essentials like pens and pencils, notebooks, envelopes, labels, kitchen supplies, office cleaning supplies, and more.
All of these are part of operating expenses and, when put together, can still add up as significant deductions that you can claim. Having plenty on hand also helps keep your office running efficiently. If you still have spare cash in your budget to use up before the end of June, now is the ideal time to purchase them in bulk to maximise value and savings in the long term with tax rebates.
How to Prioritise Purchases Before June 30
Once you know what items and equipment you want to purchase, it’s good to prioritise purchases based on what you need the most.
High-Use Items
First, start with your business’s most high-use items. The best starting point is to consider the items you or your staff use on a daily basis. This can include chairs, monitors, stationery, cleaning products, popular kitchen supplies, and so on. You’ll also want to prioritise items that positively contribute to workplace productivity - even if it’s as simple as a coffee machine and some lollies.
And don’t forget about the high-use items that may seem somewhat invisible - particularly subscription services to programs and tools that are fundamental to your business’s day-to-day operations. Business–focused subscription services and software are typically tax-deductible.
Replacement or Upgrade Needs
Along with high-use items, you might want to consider if there’s anything you already own that might be due for replacing or upgrading. These purchases can overlap with high-use items, such as office furniture or an outdated printer. See what items are damaged, outdated, or outright broken. It’s also worth replacing or upgrading any equipment that could be causing frustration in the office (e.g. office chairs that lack proper back support).
Purchasing replacements or upgrades during EOFY sales is a great way to get more supplies sorted for less and ensures you have updated equipment ready to go for the new financial year ahead.
In the lead-up to EOFY, be sure to browse the extensive range of products stocked at Office Choice. We have many of the office staples and essentials that make for worthwhile EOFY purchases.