It’s almost that time of year again – accountants and book keepers are getting swamped with requests, people are madly searching through their filing systems and group certificates are being sent out. That’s right, it’s tax time! One of the things that many business owners begin wondering at this time of year is how they can claim back all of the office furniture that they have purchased over the preceding months. Well, these tips are sure to help you do it:
Keep receipts for every single piece of office furniture in Melbourne that you purchase over the financial year (it begins in July). Whilst you will not need the receipts to process a claim, you will need them should you ever be audited.
Depreciating assets (most furniture and even technology, like computers) can be claimed if you can prove that you used them to produce the income that you are showing on your tax return. These items are only considered to have a short life.
Claim responsibly by not claiming furniture that was forgotten from the previous year’s tax return, claiming furniture that was purchased at the beginning of the next financial year, and claiming items that were not for the business at all.
When it comes time to fill out your tax return and send it in for processing, there will be a section that you can complete surrounding work-related expenses – this is where you will claim any office furniture in Melbourne. If you have any questions or concerns regarding this process, you should speak with a qualified accountant or book keeper.
Posted by: Jonathan