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Tax Time and Your Office Printer: Maximising Deductions

As the end of the financial year (EOFY) approaches in Australia, it's essential to be aware of the tax deductions available for your office supplies, including your office printer. Understanding what you can claim can help you reduce costs and maximise your deductions. Here’s a comprehensive guide based on information from the Australian Taxation Office (ATO).

#Printer and Printing Costs

When it comes to your office printer, you can claim deductions for:

Purchase Costs: If the printer costs $300 or less, you can claim an immediate deduction. For more expensive printers, you must claim the depreciation over its effective life.
Consumables: Printer ink, toner cartridges, and paper used for work purposes.
Repairs and Maintenance: Costs incurred for repairing and maintaining your office printer.

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#Apportioning Expenses

If you use your office printer or other supplies for both business and private purposes, you need to apportion the expenses accordingly. You can only claim the portion of the cost that relates to business use. For example, if you use your printer 60% for business and 40% for personal use, you can only claim 60% of the expenses as a deduction.

#Keeping Records

To claim these deductions, you must keep accurate records. This includes receipts for purchases, a diary or logbook detailing the usage of the supplies, and any other relevant documents that support your claim. For items costing $10 or less, you may not need a receipt, but you must still keep a record of the expense.

#Maximising Your Deductions

By understanding and claiming all eligible expenses, you can significantly reduce your taxable income. Ensure you keep detailed and accurate records throughout the year to substantiate your claims.

For more detailed information on what office supplies are tax-deductible and how to claim them, visit the Australian Taxation Office website.

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by joining us

#Partner with a Trusted Provider

Partnering with a trusted provider like Sharp EIT Solutions ensures you receive expert advice and support tailored to your business needs. We work closely with our clients to develop customised strategies for reducing print fleet costs, from conducting audits to implementing advanced print management solutions.

Reducing print fleet costs is a practical way for businesses in Australia to improve their bottom line. By conducting a print audit, consolidating devices, using print management software, optimising print settings, and educating staff, you can achieve significant savings. At Sharp EIT Solutions, we are committed to helping you streamline your printing operations and reduce costs.

Contact us today to learn more about our services and how we can assist your business in achieving its cost-saving goals.

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