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Tradie using nail gun on a building frame.
Cash in on EOFY sales and the new small business tax concessions to set yourself up with the gear you need.

 

Tax time savings

Heading into June is a great time to pick up new tools and equipment with great value and exclusive releases over tax time. Plus, you may be able to claim a full deduction in one go on items used for business (depending on their value), instead of receiving partial deductions over several years as they depreciate.

Note that what you spend on business-related gear does not get reimbursed dollar-for-dollar: it’s an expense which reduces your taxable income. So if you’re earning $65k and spend $2k on deductible tools, you’ll be taxed on $63k. Check the ATO website or consult a tax agent or accountant for advice.

1. Safety first

You probably already have the essentials of respirator, safety glasses and hearing protection. But what about your hands, feet, knees, head and even your back? Take stock of your safety gear and replace or expand if necessary.  

2. Score a heavy hitter

Since eligible businesses can write off an instant deduction for depreciating assets (up to applicable limits), this might be a good time to pick up a discounted big-ticket item such as a generator.  

3. Get with the millennium

We might not have Back to the Future’s flying cars yet, but there is some amazing tech around for various needs. A digital spirit level can save you valuable time on the job; take a look too at Bluetooth earmuffs or a drill riveter attachment

4. Invest in serious storage

Don’t insult your tools by letting them bash around in flimsy crates. Make a ‘financial new year’s resolution’ to organise your gear in a van storage unit, or secure them in a strong box for your ute. 

5. Phone a friend

If you have the latest smartphone but your vehicle’s been going strong for years, you might be frustrated by a lack of Bluetooth functionality and charging options. Plug in a handsfree adaptor, add a wireless charger/cradle combo, and away you go.

6. Top up the batteries

Have you been trying to run half a range of skin-only tools off just two batteries? Stop selling yourself short and stock up on high-capacity power storage

7. Be your own specialist

If you’ve been borrowing your mate’s compressor, MIG rig or cordless nail gun more and more often, perhaps it’s time to bite the bullet and make a deductible investment.

8. Upgrade your gear

It’s okay to let go of that ancient drill your dad gave you. It may have served you well for years, but the latest brushless tools boast so much more power and versatility.

9. Wear it out

Are your work pants getting a bit threadbare? Does your hi-vis shirt stay grubby no matter how long it’s soaked in stain remover? There’s no shame in scoring a new workwear wardrobe.

10. Jazz up your home office

Running your own business means you probably work at least some of the time at home. Ring in the new financial year with a decent laptop or tablet to keep work-related paperwork neat and virtual; also consider investing in a professionally coded website, drafting or 3D design software.

Need to know

The information in this article is general in nature and is intended for small business operators only, not employees of businesses. It doesn’t take into account your specific financial position, needs or circumstances. As with any major project, you should look at your own financial position, objectives and requirements and seek professional advice before making any financial decisions.

More options

Whatever the job, we’ve got the tools you need. Shop our range.

 

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More D.I.Y. Advice

Health & Safety

Asbestos, lead-based paints and copper chromium arsenic (CCA) treated timber are health hazards you need to look out for when renovating older homes. These substances can easily be disturbed when renovating and exposure to them can cause a range of life-threatening diseases and conditions including cancer. For information on the dangers of asbestos, lead-based paint and CCA treated timber and tips for dealing with these materials contact your local council's Environmental Health Officer or visit our Health & Safety page.

When following our advice in our D.I.Y. videos, make sure you use all equipment, including PPE, safely by following the manufacturer’s instructions. Check that the equipment is suitable for the task and that PPE fits properly. If you are unsure, hire an expert to do the job or talk to a Bunnings Team Member.