How to Claim Tax Back On Tools!

It's TAX TIME tradies, that wonderful time of year when you get to stock up on all your favourite tools (and then write them all off on tax). There's no better time to purchase new tools than before the end of the financial year thanks to the $20,000 tax deduction on assets for small businesses. The June period doesn't need to be painful or expensive, as there are some really good tax deductions for tradies, both salary or wage workers. We understand that tax time can be a headache, so we have compiled a list of top tips to ease the stress of declaring your tax, that will maximise your return and also provide some clarity on the process.

Tax Tips For 2018!

  1. Travelling often from jobsite to jobsite? Well your motor vehicle expenses are tax deductable. To claim tax back on fuel remember to log your travel times & hang on to those petrol receipts to maximise your return.

  2. If you've managed to hold onto all of your receipts this year, great, you can claim back on anything under $300. If you're like the rest of us and lose them constatntly, you can have them emailed to you upon request. For tools that cost OVER $300, you can claim a deduction on their decline in value.

  3. HANDY TAX TIME TIP - Take a screenshot or photo of your recipts and upload them to your Google Drive or Cloud based storage you have - you'll never run of space on there!

  4. If you're on your phone a lot while at work you can also claim tax back on any phone related costs. FYI an easy option is just to have your service provider email all your bills to you. And no, sadly you can't claim Facebook or YouTube time!!!

  5. Everyone knows tradies spend a lot of time working outside, so any form of sun protection is Tax Deductable, this covers sunscreen, hats, eyewear, boots, pants etc. Just make sure you remember to keep your receipts!

  6. EASY CLAIM! After a long day are you ending up covered in mud ( obviously), well you can claim back on Laundry costs (dry cleaning, fixes, etc.), again just make sure you've got those receipts. Unfortunately this excludes Mums cleaning.. Even though she probably deserves a raise.

  7. Last Years lodgement costs can be claimed on Tax this year.

  8. SUPER HANDY TIP #2! Download the ATO myDeductions app to keep your records accurate. This is super straight forward and convenient that will save you a lot of time.

  9. If you're a samll business owner that turns over less than $2m annually, you can claim 100% of the cost of equipment vital to your activities, with a value of up to $20,000. You can claim this for as many times as you like until June 2018.

  10. BONUS TIP! Ensure you join our Total Tools Insider program to keep all your transactions in one easy spot

Remember you can start claiming right away! You don't need to wait until next year, you can start claiming back on tools now so you might as well checkout our two June Tax Time & Bonanza Catalogue's and remember to claim up to $20,000 back!