EOFY - Time for some Tax Deductions

A few days later, it would be ‘goodbye’ to one and ‘welcome’ to the other. Yes, we are talking about the End of Financial Year (EOFY).

We are all getting ready for June 30, the day that marks the end of the current Financial Year and this is the time to access and review the financial position of our business. As a business, you may have a number of things to tidy up and also plan tax, and as you are busy getting things in order, let us remind you of something that may have slipped your mind – tax deductions on uniforms.

Oh! Yes, tax deductions. It may have been something you may have put a lot of thought into. It is as important to you as maintaining all your books and receipts while preparing for tax times. There are many ways by which you can claim a deduction. By running a business, one can normally claim deductions for expenses they incur in the everyday running of their business, which is termed as operating expenses. This expense can be deducted in the year one incurs them. Operating expenses include advertising and sponsorship costs, bank fees and charges, education, technical or professional qualification expenses, clothing expenses… Yes, you heard it right. You can deduct tax on clothing expenses too; and what all clothing expenses can you stand to claim a deduction?

Tax can be deducted on purchasing and laundering of occupation-specific clothing, protective clothing, distinctive uniforms, overalls and so on. This makes EOFY time, one of the best times to buy work clothing and claim it as a deduction. With Budget Workwear, you can purchase Workwear like Work Shirts, Work Pants, Overalls, Safety wear like Hi Vis Shirts, His Vis Pants and Hospitality clothing like Chef Pants, Chef Shirts, Aprons and so on to stand a chance to deduct tax.

Customizing your work wear with your logo can also help you in claiming a deduction. To decorate your workwear with your logo, you can avail the best Embroidery Services of Budget Workwear. You can have your logo embroidered on the Left or Right Chest or Back of the apparel. 

So, let not this EOFY pass by you. This can be the right time to make some right choices to save on tax. Visit www.budgetworkwear.com.au and buy your workwear and uniforms.

Please Note: This is a general advice. To know more about the possibilities of claiming a tax deduction, please contact your accountant or the TAX office.