Your 2017 EOFY Tax Survival Guide!
Claim Your $20,000 Tax Reduction Today!
IT'S TAX TIME! Or what we at Total Tools like to call "Tool Time". 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 2017!
- 1 . If you travel from worksite to worksite, your motor vehicle expenses are deductable. Remember to log your travel times & hang on to those petrol receipts to maximise your return.
- 2 . Tool purchases under $300 are immediately deductible in the year they're purchased only if you have kept your receipt. If you're like the rest of us and loose paper like it's out of fashion, remember to request a copy of your receipts via email!
- 3 . SUPER HANDY TIP #1! Screen capture or take a photo of your receipts on your phone, save it into Google Drive or any other cloud based storage.
- 4 . Do you use your phone a lot whilst on the jobsite? Well you can claim work-related call expenses as well! FYI get your telco to email your phone bills to you. And no, you can't claim Facebook or YouTube time!!!
- 5 . Work outside a lot? (duh!) You can claim your Slip, Slop, Slap (sun-safe protective wear) if you have kept your receipts. This covers sunscreen, hats, eyewear, boots, pants etc.
- 6 . SUPER CHEEKY CLAIM! Are you ending up muddy and dirty after a long hard day on the jobsite? You can claim any laundry related expenses, as long as you have kept good records. Sorry, excludes mum's cleaning...even though she deserves a raise for cleaning your smelly work clothes!
- 7 . The cost of last year's lodgement can be claimed 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 running a small business 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 convenient spot.
Remember you can start claiming right away! You can claim the cost of your tools right now! You don't need to wait until next year, so why not checkout our Tax Time June Catalogue and remember to claim up to $20,000 back!