As a finance broker, we understand the pressures you face, and we’re here to help you navigate this period with confidence.
EOFY isn’t just about filing tax returns, it’s about maximising opportunities and ensuring your business is positioned for future growth. Here are our top tips to help you get your business ready:
1. Review and Reconcile Your Finances:
Accurate Records are Key:
Ensure all invoices, receipts, and bank statements are reconciled. This will provide a clear picture of your financial performance.
Identify Areas for Improvement:
Analyse your income and expenses to pinpoint areas where you can reduce costs or increase revenue.
Prepare for Tax Time:
Gather all necessary documentation to streamline the tax filing process.
2. Leverage the Instant Asset Write-Off:
Capitalise on Opportunities:
The instant asset write-off is a significant benefit for SMEs, allowing you to immediately deduct the business portion of an asset’s cost. This can substantially reduce your taxable income, as long as eligibility criteria are met.*
Strategic Investments:
Consider investing in new equipment, vehicles, or technology that can improve efficiency and productivity.
Act Quickly:
Be mindful of the eligibility criteria and deadlines for the instant asset write-off. Your accountant or financial adviser are great resources for this conversation.
3. Plan for Future Growth:
Set Clear Goals:
Define your business objectives for the next financial year.
Develop a Budget:
Create a realistic budget that accounts for anticipated expenses and revenue.
Assess Funding Needs:
Determine if you require additional funding to support your growth plans.
4. Secure Funding and Assets Before EOFY:
Time is of the Essence:
Securing funding and acquiring assets before the EOFY can maximise your tax benefits and position you for a strong start to the new financial year.
Navigate Complexity with a Broker:
Dealing with lenders and understanding the intricacies of finance can be time-consuming and complex.
Expert Guidance – A finance broker can help you:
- Identify the most suitable loan products for your business needs.
- Negotiate suitable terms.
- Streamline the application process.
- Assist in securing assets before the EOFY deadline.
Don’t leave it to the last minute! Contact us today to discuss your funding and asset acquisition needs. We can help you navigate the process smoothly and efficiently.
Why Choose a Finance Broker?
As your finance broker, we act as your advocate, working to secure suitable outcomes for your business. We have access to a wide range of lenders and can provide expert advice tailored to your specific circumstances. We understand the unique challenges faced by Australian SMEs and are committed to helping you achieve your financial goals.
EOFY is a crucial time for SMEs. By taking proactive steps to review your finances, leverage available incentives, and plan for future growth, you can ensure your business is well-positioned for success.
Don’t let the EOFY stress you out. Reach out to us today for personalised assistance in securing funding and assets before the deadline. We’re here to help you make the most of this critical time.
