Bunnings Warehouse catalogue - 1 May - 30 Jun 2023 - NO LONGER VALID - page 101 *

thumbnail - Bunnings Warehouse mailer - 01.05.2023 - 30.06.2023 - Sales products - refrigerator, fridge, drill, grill. Page 101.
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“If you lodge your own tax return, the best time to do it is from late July” Eligible assets include most assets used in the running of a business, such as tools for use on a worksite, like drills, ladders and toolboxes; equipment, including a fridge or a grill; and shelving and storage. NOTE Visit ato.gov.au/tradies to learn more. Q Finally, when do you recommend is the best time to lodge your tax return? Photography Getty Images A Costs more than $300: you can claim a deduction for the cost over a number of years (that is, decline in value or depreciation) Costs $300 or less: you can claim an immediate deduction for the whole cost of the work product. If you are buying depreciable assets for your business, such as tools or machinery, you can immediately deduct the business portion of the cost of the asset under temporary full expensing rules – but you need to meet the eligibility criteria. The rules apply to new depreciable assets and the cost of improvements to existing eligible assets that are first used or installed by June 30 2023. It also applies to second-hand assets if you’re a small business. “If you’re an employee, you can claim a deduction for tools if you use them for work purposes” If you lodge your own tax return, the best time to do it is from late July, when information from employers, banks, health funds and government agencies is automatically pre-filled into your tax return. All you need to do is check your information is correct and add anything that’s missing. We see lots of people making mistakes when they rush to lodge in early July, which can also delay your return from being processed. But if you wait just a few weeks, most of this information should be there waiting for you. Lodging at the end of July will also give you time to find those receipts for work-related expenses since July 1 last year to maximise your tax deductions. If you use a registered tax agent to lodge your return, they will work with you to determine the best time to lodge it. DISCLAIMER: This information is of a general nature only and should not be regarded as financial or legal advice. It does not take into account your individual circumstances or objectives. You should always seek advice from a suitably qualified professional. bunnings.com.au 9

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