As a business owner, managing your tax obligations requires careful attention to detail. At the same time, keeping track of what’s tax deductible and what’s not tax deductible can be challenging when you’re balancing multiple responsibilities.
At Copysonic, we’ve been Melbourne’s leading printing supplier since 1992. Over the years, more than a few clients have asked us about the tax deductibility of printer and copier costs.
While we always recommend seeking professional advice from your accountant or an ATO officer, we’ve compiled some useful information on what you can claim as a business owner in relation to your office photocopier or printer.
Can I write off my printer as a business expense?
Yes, Australian businesses can generally claim a tax deduction for office printers used for business purposes. However, how you claim this deduction depends on the printer’s cost and your business structure.
For example, you can claim up to $300 on a new or refurbished printer or copier. You can also claim the decline in value for items over $300.
We recommend getting in touch with a professional financial advisor or accountant to calculate your work-related proportion of these tax-deductible expenses.
Can I claim printer service or repair fees?
The cost of repairing and servicing your office printer can generally be claimed as a tax deduction. These expenses fall under the category of running costs and are considered deductible if they are directly related to your business operations.
Other running expenses associated with your printer or copier, such as paper, toner, or ink, can also be claimed. Should you purchase or lease from Copysonic, our service agreements cover the cost of ongoing maintenance, including toner refills.
Remember to keep detailed records of all printer-related expenses, including receipts for repairs and servicing. This documentation is crucial for supporting your tax claims.
Is a printer an asset or an expense?
The classification of a printer as an asset or an expense depends on its cost:
- If the printer costs less than $300, it’s typically considered an immediate deduction.
- For printers costing $300 or more, they’re usually classified as depreciating assets.
Small businesses may be eligible for instant asset write-offs for higher-value printers, depending on current ATO guidelines.
What expense category is a printer?
An office printer or copier, whether new, second-hand, or an ongoing rental cost, is a running expense for your business or work. For tax purposes, printers generally fall under:
- Office Equipment for asset classification.
- Printing and Stationery for ongoing expenses like ink and paper.
Consult with your accountant to ensure correct categorisation for your specific business circumstances.
Keep your business running smoothly with Copysonic
Understanding the tax implications of your office printer is important for maximising your business’s financial benefits. While we’ve provided some general information, it’s essential to consult with a tax professional for advice tailored to your specific circumstances.
Copysonic offers a range of printer solutions and maintenance services to support your business operations. Contact us today to chat about your printing needs and explore how we can help you optimise your printer’s performance.
