Excavator to Hire

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DEDUCTING YOUR G.E.T FROM YOUR TAX

It's that time of year again, where you head to your tax accountant and they file your tax return. We don't pretend to be accountants here at Kelton, but we do know a little bit about deducting your Ground Engaging Tools, Wear Parts and Rubber Tracks from your tax. It's a question we get asked a fair bit from small contractors with one excavator to larger mining contractors with large fleets. 

Tax Deductions For The Construction And Mining Industries

You have to spend money to make money, but you don't need to pay tax for that. Any expense that you incur to run your business can be deductable from your overall income, and then you only pay tax on the left over, smaller amount. Even if you use the item for work and personally, you can still claim a portion of it.

For those in the construction and mining industry this could be an number of things. For instance any vehicle, tools, electrity bills, insurances or repairs that help you to run your business. Check out the full list.

Here's a few tips to make it easier:

1. Keep all your receipts. This sounds straight forward, but you would be surprised by how few people do it. 

2.  Keep a log book in the car. If you're driving a lot for work (but not just to and from work), keep track of the kilometres travelled. 

3. Larger assets, such as a new machine, are tax deductible over a period of time. You will not be able to deduct the full payment at once, but spread it out as the asset depreciates. 

The $20,000 Tax Break For Small Businesses

Listen up owner operaters and contractors! The government has been kind this budget, so now you can purchase items up to $20,000 and get the money back as a tax write-off.

This is available for any small business, or sole trader with an ABN number that has an annual turnoverless than $2 million.  This isn't limited to just one item either, as long as it is relevent to the running ofyour business you can write-off as many items as you need. 

Deducting Your G.E.T, Wear Parts And Rubber Tracks From Your Tax

Replacement wear parts for your loader, exacavator, dumper machines, well you name it, is deductible at tax time. These items are listed as "Repairs, Maintenance and Replacement Expenses" according to the Australian Tax Office.

https://www.ato.gov.au/Business/Income-and-deductions-for-business/Repairs,-maintenance-and-replacement-expenses/

You can claim for any repairs and maintenance for machines, tools and premises. 

This could include things like: 

Rubber Tracks

Bucket Teeth

Cutting Edges

Pins and Bushings

And more

Quick Booking

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Kelton Rentals
  • Expect innovation from KELTON. We source many quality brands of equipment from around the world utilizing the latest ideas available today. The right machine for the job. No more “just getting by” with the wrong equipment.
  • Thinking of buying? Ask about our popular “Hire to buy” option. It’s simple. You agree on a purchase price before you start and if you purchase, half of your raw rental costs comes off the agreed price. No pushy salesman and you can operate it on your job to make sure it suits you. If not, simply return it as a normal hire without the obligation to buy!
 
Location
40 Paterson Parade,
Queanbeyan, NSW 2620
  • 02 6213 8111
  • rentals(AT)kelton.biz
 
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