The End of Financial Year (EOFY) is fast approaching, and with the Australian Government extending the $20,000 tax break for an additional year, and the annual turnover limit increased to $10 million, your accountant might just advise you to look at some technology upgrades to really make the most of the tax opportunity.
With this in mind, in collaboration with the folks at Officeworks, I’ve had a look at the top tech items that could be tax deductible if purchased ahead of June 30.
Point of sale
As a small business owner, you probably don’t think about your Point of Sale (POS) systems as much as you should. Old gear can severely slow down the sales process which could potentially mean you‘re missing out on revenue. With modern payment technologies now available, consumers expect their purchase experience to be seamless.
For smaller businesses or businesses constantly on the move, PayPal Here tap and go mobile card reader and the Square contactless and chip card readers allow you to accept credit card payments with ease thanks to the tap and go feature.
Mobile phones
Are you or your staff working from older mobile phones? Or are you stuck in the middle of long-term mobile contracts? EOFY is the ideal time to look at upgrading to a new smartphone by purchasing it outright without paying exorbitant costs to your telco.
Anything from the top of the line Samsung Galaxy S8 or iPhone 7, down to the lower priced options such as the Oppo R9S, Huawei unlocked GR5, and HTC Desire 530 could be claimed under the $20,000K tax break for SME’s. Buying outright now, could mean savings on your tax refund as well as on those monthly mobile payments.
Computer monitors
Sure your computer is still working fine, but adding a second screen or updating your current monitor will completely refresh your team’s workspaces and increase efficiency in the next financial year.
Purchasing a larger monitor, such as the Samsung Curved 23.5” monitor to connect your laptop or desktop is easier on the eye and can increase productivity thanks to the bigger screen.
Laptops
Is anyone in your office complaining of a slow laptop? Or perhaps there are complaints from staff who would like to move from a desktop to a laptop to work remotely? Why not take advantage of the instant tax write-off and purchase new laptops that could improve the productivity of your team.
Performance doesn’t mean expensive, at Officeworks you can get a high performance HP laptop, with an intel core i5 processor for only $697. If you’re looking for more flexibility, a convertible laptop allows you to easily switch between laptop and tablet giving you the best of both worlds, without compromising productivity. A best seller for Officeworks is the Lenovo Yoga 510 14” Core i5 convertible laptop.
Identifying your business’ needs, such as the size, storage and speed will help you choose the best option for your business.
Printers
Unfortunately many home based and small office businesses don’t give printers the attention they deserve when it comes to deciphering quality and brands. These days, there are a couple of fantastic options for ink-tank based printers, instead of ink-cartridges which will save you more in the long-run. Epson’s Expression EcoTank wireless inkjet and Canon’s Pixma Endurance Inkjet Multifunction G4600 cost more up front, however the ink will last a long time.
Networking
If you’re transferring files between computers in your office, you might not realise that there is some important network hardware required to make that fast and efficient connection. If your computers are hard wired into your network – the network “switch” could be a traffic bottle neck. A faster switch with Gigabit capacity replacing an older 10/100 switch could speed things up tenfold! My pick is the TP-Link 8 port Gigabit Smart PoE Switch.
Likewise with your WiFi connected devices there are various WiFi solutions available today such as the Netgear Orbi WiFi system kit that provides great range using satellite extenders as well as fast network speeds which means better transfer times.
Smart technology
Upgrade your business security by keeping an eye on your office or shop with a modern and simple to install internet-connected camera. The Netgear Arlo or D-Link Omna 180 HD camera record continuous video and provide motion alerts so you can protect your home or business throughout the year. There are now 100% wire free products that are easy to install and save the surveillance videos in the cloud for remote access wherever you are.
Accessories
And while you’re filling your trolley this EOFY, think about a few of the smaller things for around the office that will help your business run more efficiently throughout the year.
Having spare hard drives for taking big files or presentations off-site are often necessary for small businesses. Hard drives are also great for backing up work files and ensuring everything is protected should anything happen to your PC. My pick is the Samsung 250GB portable solid state drive at $199.00 which is extremely light-weight and compact – great for taking on the go.
Remember, I’m a tech guy, not an accountant – I’m just looking for ideas to help you along – speak to your accountant before you go splashing the cash folks.
Trevor Long put these tips together for Officeworks as part of his role as a Tech Spokesperson for the company – for full details of our commercial insterests and disclosures, click here.
