The end of the financial year is fast approaching which makes now the perfect time to ensure all of your ducks are in a row and that you’re making the most of all available tax breaks for your business. Today I’m writing to remind you of two things you can do now for maximum benefit to your business in this financial year (and to set you up for a strong 18/19 financial year).
Instant asset write-off
In the most recent budget the Federal government announced that it will extend the $20,000 instant asset write-off scheme to 30 June 2019. Under the scheme if your business turns over less than $10 million per year you can claim an instant write off on any business assets that cost less than $20,000. This can include vehicles, plant and equipment, technology, signage and so on. Learn more about how it works and what you can claim here.
According to a recent article on SmartCompany more than 60% of businesses aren’t fully utilising this scheme due to a lack of available funds but the good news is you can access finance to procure assets and take advantage of the tax benefits without impacting on your cash flow. Contact me on 0412 534 503.
Banking Royal Commission
As you will have seen from the media in recent weeks, financial institutions are currently facing a lot of scrutiny due to the Royal Commission into misconduct in the banking, superannuation and financial services industry. No matter the eventual findings, it is inevitable that the flow on effect of this scrutiny will be that securing funding will become more onerous and sometimes very difficult.
It is therefore essential that we leave plenty of time to ensure that we explore your business goals and needs, find the best deal for your unique situation, and settle any business funding requirements prior to 30 June 2018.
Working with a finance broker (like me) has many benefits in this process, including:
>> We do the heavy lifting for you to find the best deal, saving you the time and energy of dealing directly with multiple lenders;
>> Efficiently securing a range of financing options so that you can choose the one that best meets your needs;
>> We take care of most of the paperwork for you – and we know how much business owners hate doing paperwork!
>> We are 100% independent so we can assist you to make the right decision for you – time and time again we have found that “your” bank may not give you the best deal, but we can find that for you.
If securing new finance or upgrading your assets has been on your to do list for awhile now, don’t delay any longer. Give me a call on 0412 534 503 to start the process today.