Reduce your taxable income by purchasing a tablet, solar panel, printer, smartphone, Battery for home, etc.
The end of the financial year is the best time to bargain and purchase products to boost your tax return. And if you are looking for work-related products or products for home, you might also be able to acclaim your new purchase as a tax deduction.
What can you claim?
Tax deductions help reduce your taxable income. You can claim the total amount as a tax deduction if you spend 300 dollars or less on work-related expenses. In addition, you can demand the percentage of work-related use if you buy something for work and personal use. Don't forget to use www.ato.gov.au for the latest updates on current information around personel and business tax.
Here are some of the technological products you can claim for a tax deduction for the upcoming EOFY:
Solar Panel exemption
Solar panel exemptions both sales and property tax exemptions provided by local and state governments to companies and individuals that install solar energy property. Solar panel makes a significant positive impact on small business's bottom line.
The vital thing to remember is that solar panels and solar battery are ideal for many small businesses as the power is created during work hours. So, the requirement to draw electricity from the mains grid at peak daytime rates is hugely reduced. Another time-sensitive cause for small businesses to buy a solar panel system now rather than wait until next year is that a significant subsidy for solar will see a substantial reduction shortly.
Solar Secure has a simple solar process, due to which many Australians choose them. Their simple process includes:
- A quick call with our solar professional to discuss your solar requirements.
- We suggest and design a custom solar solution for you.
- We handle both paperwork and permitting.
- Our solar professionals review the design before installing the solar panel.
- Solar system installation and connection to the grid.
- Smart meter changeover- to be finished by your retailer
- Solar system testing and signoff
- System monitoring setup and warranty
- A lifetime of support.
Solar Secure recommends a 10kW solar system because it is perfect for large homes and provides a 1 x 10 kW inverter and 27 x 370 W panels. The estimated yearly savings you get is $2649.31.
Laptops and tablets
If you pay out more than $300 on a laptop for your work use, you can acclaim depreciation over two years. In addition, if one is a small business owner, you can claim a laptop as an immediate deduction of up to $1000.
You can claim a percentage of the price at tax time if you use your phone for work. You can also claim an immediate deduction if you spend under $1000 on your own business.
Most portable storage devices deal for less than $300, which means that you can claim the whole amount as a deduction at tax time for EOFY.
If you create your home office and want all your devices to work reliably and faster, you need a fast wireless router for your home Wi-Fi. Routers mainly have a range of around 50 meters in line of sight, but obstructions like furniture and walls might shorten the range. Wireless routers also lie under tax deduction during EOFY.
If you do your work from home, you can acclaim the work-related proportion of your running expenses such as cooling, heating, and lighting.
When are the EOFY sales in 2021?
As the name suggests, the EOFY sales is a retail sale season that marks the financial year's end. Though the official end of financial year date is June 30, the EOFY sales season usually begins from June 1, and many distributors even begin advertising EOFY discounts from the end of May. The leading cause brands run EOFY sales, or tax-time deals is selling the previous season's stock and making way for shiny latest stuff before the new financial year begins on July 1.
For more information:
For more information regarding your solar query, contact us at Solar Secure anytime, and we will listen to your questions and give you the best solar solutions for your home or business.