Getting your EOFY ducks in a row

Getting your EOFY ducks in a row

Are you curious as to what you can do in the last few weeks of the financial year to greatly assist your business?

If you have been considering a new company car then this might be a great time of year to take action. In addition to some of the great deals that come available from car manufacturers, you might be able to combine those deals with the instant asset write-off, tax deductions, or other purchase and planning decisions as we move into the next financial year.

How to use the instant asset write-off?

During tax time you may be able to utilise the Federal Government’s instant asset write-off. This is a fantastic opportunity for small business owners to purchase a new or used car, as you can claim an instant deduction of up to $30,000.

There are guidelines as to what can be claimed and it’s best to check in with your financial advisor or accountant on how to the Instant Asset Write-off can benefit you this financial year.

What deductions could I be making?

For any small business, the end of the financial year can be a great time for work-related purchases. Many business owners spend this time investing in assets to grow and expand their business, as well as maximise deductions. It’s time to look at equipment, office supplies or any additional items your company may need.

It’s important to spend time researching exactly what you can and can’t use as deductions for your company. The government has a lot of information online you can check to better understand what you can claim. Alternatively, your accountant or registered tax agent can assist you with this.

Aside from deductions, if you’re looking to invest in a new vehicle for yourself or your family, now is an excellent time to be looking. At this time of year, car manufacturers are looking to bolster their numbers, meaning it’s an excellent time to consider investing in a new car purchase.

How can I plan for the next financial year?

The last thing on your mind this June would be next June. However, it’s never too early to start prepping for your following tax season. Below are some tips recommended to assist you in EOFY 2019.

  • Spend some time researching any tax changes that could affect your industry

Tax Legislation regularly changes. It’s important for you to stay up-to-date so your business can prosper. Subscribe to relevant resources that will notify you of any changes within your industry.

  • Review and improve your business and marketing initiatives

Adapting to changes in your industry and business environment often requires ongoing attention. This is a good time of year to reflect on your company goals and explore what you can add or adapt to help achieve those goals. This process can also involve planning for any upcoming expenses in the next tax season.

There are plenty of tasks you can implement before the next tax season to assist you in having the smoothest transition to the new financial year.

If you are a small business owner, we hope this list can provide you with some guidance this tax season. If you’re looking to invest in a new or used vehicle this EOFY, we are happy to offer independent advice on which vehicles are worth considering for your business needs.

For expert assistance in finding, inspecting and negotiating the purchase of your next car, contact Car Search Brokers on 1300 650 890.

Posted on June 11, 2019 in Blog