Tax-time benefits to help your business this EOFY
It’s nearly that time of year again! With July 1st fast approaching, many of us are thinking about EOFY and getting our house in order. While it can be a hectic and stressful time, it’s also a great time to assess your business.
Lean on the experts and talk with your financial advisor about what tax incentives – savings and write-offs – you might be eligible for. Look for ways you can streamline your processes and get better profit margins. Can you cut unnecessary costs anywhere? Are there obvious ways you can improve job site productivity? Or maybe you just need help finding tax-deductible purchase opportunities.
What tax benefits can you claim?
At tax time, there are a number of deductibles you can claim, including capital expenses and depreciating assets, such as software*. Eligible small businesses may also be able to apply for the government’s Instant Asset Tax Write-Off scheme*.
These tax benefits mean you can purchase software, like Nexvia, and claim it as a write-off this financial year. Not only does this mean potential tax-savings for you, it also means you’ll be able to help grow your business and improve the way you work.
You can learn more about claiming expenses here.
You can learn more about the instant asset tax write-off scheme here.
Using tax benefits to improve your operations
EOFY is a great time to review your systems and data. Identify weaknesses in your operations and look for trends to help you build a healthy pipeline for the coming financial year. For example, if you and your team are constantly bogged down with daily admin tasks – it could be a sign you need to upgrade your project management software. Some other key signs your software needs upgrading, include:
- Your processes are full of improvisations and workarounds
- You run multiple systems that don’t connect or talk to each other
- Your operational success is affected by slow decision-making and lack of data
- Admin takes up too much valuable time
- Your current system is slow, doesn’t perform how it used to and hasn’t grown with your business
- You waste time entering the same details across different platforms
- You can’t track your costs in one place
- You use Microsoft Excel or Word for quoting; invoicing takes you ages and inaccuracies or lack of detail costs you money
- You don’t know where you’re losing money and can’t analyse your data to make changes
- You’ve got payment and cash flow issues because you rely on manual processes
- Managing workflows and resources is difficult and time-consuming
If you experience one, some, or all of the above issues, then a new project management system might be just what you need. Even better if you can also benefit from the Tax Man at the same time.
Plan smarter for the financial year ahead
The end of financial year provides you with an excellent opportunity to review your business and make improvements. Take time to assess how your company is performing so you can plan for the coming financial year. Whether you want to streamline work-flows, automate processes, eradicate paperwork or have more time to focus on shaping and growing your business – the benefits can be huge. Not only will you have implemented smarter operational and financial practices – you may also score a tax break.
Tax breaks are few and far between. Take advantage now and get in touch with us today on 1300 942 399 or Request a Demo to find out more.
* Disclaimer: To understand how these tax benefits could apply to your business please talk to your accountant or financial advisor first.