We are staring down the barrel of the new Financial Year and now is the time to review, get things in order and start planning for, dare I say it, 2020!
When it comes to saving money and getting ready for End of Financial Year (EOFY) there are a few tried and tested strategies astute business owners should consider:
ONE: Review Asset/Equipment Purchases to Maximise Cash Flow
The amount of money invested in business equipment and income-producing assets and the way in which these assets are funded can significantly impact your cash flow and tax deductions. Use an experienced equipment finance professional to review your existing business loan structures to make sure they are working for you. And remember, new equipment and most depreciable assets can be secured without upfront deposit – making it easier to secure vehicle and equipment finance before June 30th (but you need to get in quick).
TWO: Bring Forward Your Deductible Expenses
Consider pre-paying interest on fixed rate business or equipment loans or leases or carrying out last minute equipment maintenance or upgrades to reduce your taxable income this year. (Your accountant will be best able to assist you in regards to your eligibility for tax deductions.)
THREE: Take Advantage of EOFY Discounting Season
Equipment suppliers and car dealers are offering significant discounts and incentives, like extended warranties. Some banks and non-bank lenders have expanded their appetites for SME business and there are some good rates and flexible conditions on offer – you’ve just got to know who to ask. At GFG we even have access to experienced, independent Motor Vehicle Consultants who will do all the research and running around for you, finding you the right car, negotiating the best price and even organising delivery.
If you need assistance with your EOFY planning, more information on competitive finance for new or existing equipment or the details of our highly recommended Motor Vehicle Consultant, please contact us on 07 3899 2866 or [email protected]. Even if you just need a question answered, give us a call, we are more than happy to point you in the right direction.