The end of the financial year can be a stressful time for businesses and with GST, payroll, business activity statements and other compliance issues, trying to find ways to save on tax can be a challenge. One way to start saving is to make some capital purchases such as new technology and office furniture by June 30.

Businesses with a turnover of up to $50 million are eligible for a $30,000 instant asset write-off. An instant asset write-off allows businesses to claim immediate deductions (up to a limited amount) for new or second-hand plant and equipment assets purchases such as vehicles, tools and office equipment. The assets must first be used, or installed for use, in the income year you’re claiming for. Businesses may also have some unspent expenditure within their own tax strategy which has been allocated to capital expenditure or other operating expenses.

Effective storage is a key component to every office and unfortunately, it is often overlooked. For businesses looking at ways to use unspent expenditure or to make the most of their instant asset write-off before the new financial year, office furniture and storage is a great place to start.

Reasons to buy office storage products:

• Reduce employee stress by minimising clutter

• Increase employee productivity by allowing items and files to be easily located

• Improve health and safety by eliminating trip hazards and objects from falling by effectively storing them

• Leave clients with a good impression of your workplace by being organised

Tips for buying new office furniture:

• Avoid buying cheap furniture because it can be more expensive in the long run

• Assess what furniture you already have and what you need

• Determine what space you have to work with

• Consider the growth of your business

• Select furniture covered by a warranty

• Buy furniture built to last

OLP’s products are constructed using specific guaranteed grades of steel to ensure the highest quality standards. We also offer an extended warranty period on all our products. We work closely with our resellers to meet the needs of their clients. Contact us today!