New research from Officeworks reveals the attitudes of consumers and small-business owners to EOFY, with confusion being the primary take-out – 62 per cent saying that they finding the tax system for small businesses complicated and difficult to navigate.
The tough economic conditions and rising prices were also a feature of the research, with 23 per cent of small-business owners “not looking forward to EOFY” due to challenges their businesses have faced this year, and 72 per cent worried about how the impact the rising cost of living will have on consumer demand for their products and services.
Almost a half of the small-business owners surveyed (46 per cent) are prioritising business growth in order to address the challenges.
“If you are a small-business owner, time is running out to take advantage of temporary full expensing,” financial expert and founder of Women with Cents, Natasha Janssens, said. “The concession allows you to get the full tax benefit of equipment purchased in this financial year without having to claim it over multiple years.”
Officeworks General Manager Merchandise Jim Berndelis pointed out that the research findings show that more than a third (35 per cent) of Australians forget to claim products such work stationery at tax time, meaning they miss out on potential claims.
“One important reminder…is to keep your receipts,” Berndelis said. “Whether you prefer digital or physical, we offer both so you can keep track of your tax deductible spend more easily.”
The research also reveals that many Australians think they should be able to claim for additional “domestic” expenses as a result of the significant post-pandemic shift to working from home. Almost a quarter (24 per cent) believe that toilet paper should be tax-deductible, and 13 per cent think they should be able to claim for their takeaway coffees.
