Somehow, it’s almost that time of year again…..tax time! This year, there’s a great opportunity for you to take advantage of the temporary full expensing scheme, and claim tax deductions on technology, office supplies, furniture, and kitchen essentials.
Temporary Full Expensing Scheme
The Temporary Full Expensing measure introduced by the Australian Government to help businesses recover from the impacts of COVID-19 remains in place this year and next. This scheme gives eligible businesses the opportunity to claim immediate tax deductions for the total value of assets, purchased, and installed ready for use.
- Businesses with an aggregated turnover of less than $5 billion, or those meeting an alternative eligibility test, can claim the total cost of new depreciating assets of any value used or installed ready for use between October 6, 2020, and June 30, 2023.
- Small businesses with an aggregated turnover of less than $50 million, are eligible to claim the second-hand depreciating assets. Businesses can apply temporary full expensing to the cost of upgrades for the eligible depreciating assets bought between October 6, 2020, and June 30, 2023.
Where to Spend for a Refreshed Workspace
Investing in your employees and their working environment is not only a great way to take advantage of incentives and claim some big tax deductions, it’s also a thoughtful way to ensure your team are benefiting from proper ergonomics, avoiding the inevitable issues that come with the alternative (back problems, absenteeism etc), and improving productivity. Win win!
Simple ways to use the ‘End of Financial Year’ to benefit your staff include upgrading your office with ergonomic furniture, investing in a revamped and improved breakroom, and adding some new technology essentials to make employees’ work-life healthier, more productive, and enjoyable.
- Refurbishing office workstations: With Australian workers spending approximately 39 hours per week sitting down at work, it’s critical for businesses to invest in ergonomic furniture and tech accessories. Everything from adjustable standing desks, chairs, mouse, and footrests to well-positioned display risers can help boost employees’ mental well-being and focus, keeping them happy and healthy throughout the week.
- Refreshing reception areas: Creating an inviting entry point not only helps to keep your staff happy and productive, it also helps to make a great first impression, building your company’s reputation in the eyes of any potential clients, future staff, business partners, and visitors. Make the space more comfortable by investing in ergonomic furniture to refresh reception areas and waiting rooms.
- Office machines and accessories: Don’t let your employees struggle due to outdated equipment, as you might miss out on valuable potential. Upgrade office equipment during the end of financial year with a high-quality scanner, shredder, printer, or fax machine to run everyday business activities smoothly.
- Breakout space: As more and more employees are returning back to work it’s important to create a space where they can relax, interact, and collaborate with others. Invest in relaxing and comfortable seating options that allow employees and visitors to unwind and be at ease. Choose furniture that encourages them to take a break from their work. Consider plush couches, bean bags, and pod seats to add a bit of fun texture and a splash of colour to the surrounding.
- Kitchen Upgrade: The kitchen is one of the most significant aspects of your workplace culture. It’s the place where employees gather with their co-workers to recharge and take a break from the daily grind. Having a well-kept kitchen can make employees more productive and increase satisfaction. Investing in a high-grade coffee machine and upgrading your refrigerator to deal with storage problems or energy can enhance employees’ morale while saving you money.
Being prepared for the End of financial year is critical for making the most of your tax return. As tax deductions are designed to make sure businesses can easily claim tax deductions on items and expenses that help their business grow and contribute to the economy. So, now is the time to plan ahead and invest in technology, office supplies, furniture, and kitchen essentials to keep your employees productive and your business running smoothly.
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