Running a business can be a volatile and fickle beast. There are plenty of ups and downs to get through, and emotions are thrown all over the place when you’re in the thick of it all (without your employees even having a hint of what’s going on behind the curtain).
Many business owners see the end of the financial year similar to how the captain of a ship sees looming dark clouds and rough seas; difficult to navigate and a rather stressful experience, to say the least. But it really doesn’t have to be that bad, folks.
As a matter of fact, EOFY can bring with it some pretty fantastic benefits to your business. So let the following tips be your compass in the oncoming storm; the lighthouse that guides your ship away from the rocks and into land safely and with ease. If you're no longer a business owner check out our general top tips for EOFY.
1. Sort out the paperwork sooner rather than later
There are few things more stress-inducing than a last-minute dash to get all your paperwork in order at tax time. Instead, we recommend getting it done now-ish to make sure everything is in order, nice and early. If you don’t have the time to spare, chip away at it little by little - one day you’ll realise it’s all done and there’s nothing to stress about one or two days out of the ATO’s cutoff date!
2. Deductions, deductions, deductions
If you were able to pay exactly zero tax to the ATO, would you? Of course! So why then would you want to pay even one cent more to them than you absolutely must?
With COVID-19 affecting things, this year’s tax return may provide your business with substantially more ways to reduce your overall taxable earnings, so go through all of the prospective deductions with a fine-toothed comb to make sure you’re making the absolute most out of them all.
3. Sort out the super
Superannuation contributions for all of your employees can be easily misremembered, which can end up causing a huge amount of grief down the track. Make sure you’ve gone through the numbers twice (at least) to prevent your business from being stung with potential fines from missing the payment now.
4. Hire an accountable accountant
For those who use an accountant, it’s still suggested that you’re aware of the figures that are being submitted. Yes, you pay them for it, but for total peace of mind it’s always a good idea to be across and even double-check what the ATO receives.
If you’re consistently picking up and correcting errors, it might just be time to change your accountant.
5. Add more commercial equipment to your current arsenal
If you’re finding it difficult to keep up with the ongoing demand of your customers and would like additional equipment to increase your output or require a business loan for any other reason, now may be the perfect time to secure it.
Speak with us today on 1300 787 288 or get an instant online quote and you’re on your way to getting a fantastic commercial finance solution that aligns with your business’ needs.
6. Increase your fleet of commercial vehicles
Leading up to the end of the financial year, car dealers are going to be looking to get rid of as many vehicles as they can to maximise their annual sales/revenue figures. As such, it’s a perfect time to get in there and take advantage of their more flexible nature to make said sales and pick up commercial vehicles.
Though if you’d rather skip the queue and have someone else do all the running around to ensure the hottest price for your new commercial vehicle, have a chat with our industry partners over at carconnect; they’ve got access to an Australia-wide network of dealers and will work tirelessly to get a great price for you.
7. Check out our other helpful articles for business owners
We have a heap of articles that cover multiple topics to help business owners understand commercial financing better. If you’re interested in reading some of our other articles, here are a few you might be interested in:
- 3 ways a commercial finance broker can be a powerful tool for your business
- We answer your equipment finance 101 questions
- The 4 main types of equipment financing explained
- The top 6 benefits of financing your business equipment
There are a number of other super-helpful articles relating to business available for you to check out in our Newsroom.
Finance a commercial vehicle or secure a business loan today
Whether you’re keen to add one or more commercial vehicles to your current fleet or need to secure equipment finance or another type of business loan to help grow your business, you’re most certainly in the right place.
At Stratton Finance, we have been helping businesses just like yours with financing solutions for more than 20 years now. Over these two-plus decades, we’ve worked tirelessly to ensure each and every one of our customers is nothing short of blown away by the results we achieve for them, which is why we have such an exceptional reputation in this business.
So if you’re looking for the best possible finance solution for your business, give the team here a call now on 1300 787 288. If you’d prefer, you can use our online contact form to send us a message and we’ll be sure to get back to you ASAP.
Important note: Consult the ATO's guidelines and your accountant to ensure your tax activities suit your specific situation and asset usage guidelines.
Disclaimer: Nothing in this article should be assumed as personal advice. You should consider whether the information is appropriate to your needs, and where appropriate, seek advice from a professional financial adviser.