Believe it or not it’s that time of year again – EOFY is fast approaching and we are all getting ready for tax time!
As a business, we’re sure you have a bunch on your to-do list at this time of year organising and preparing your finances. Of course, one of those jobs is to make your tax-deductable purchases and, in case you forgot, we’re here to remind you that you may also be able to claim a tax deduction on uniforms and promotional merchandise.
Yep, that’s right – you may be able to claim a tax deduction on the purchasing (and laundering) of protective clothing, occupation-specific clothing, and promotional merchandise, all of which we can help you with! Additionally, work uniforms that are branded with a logo are generally tax-deductible, and we can also take care of this for you with our in-house screen-printing and embroidery options.
However, if you’re hoping to make claim on uniforms or promotional merchandise this financial year, then you need to act quickly! Your purchase needs to be invoiced before June 30th, so start planning your order now.
While you may already have a list of items you need now, don't forget to look ahead and have a think about what you might need over the next 12 months. Do you have new staff starting soon? Do you have a tradeshow or event planned? What promotional products are you hoping to hand out?
Don’t let this EOFY get away! Make the most of it and shop now to save on tax.
Please note: We are not accountants! This is general advice only. Contact your tax office or accountant for specific advice.