Another financial year is almost upon us – crazy, right. If you, like us dread this time of year then let’s look at the positives – it’s a valid excuse for some last-minute spending! It’s important to check with your accountant, however, June can be a great time to invest in your business. Here are some items you might want to look into before next Friday.
Purchase a Large Asset
The asset write-off scheme allows small businesses to immediately write-off the full value of an asset purchased under $20,000, it can be used multiple times, and can effectively reduce the tax liability of a business in the current year. We advise you to seek personalised advice from your accountant on whether your planned business expense qualifies the rules of the scheme – but if you do, you might want to start working out what large assets your business could run better with, now.
It’s worth reviewing your current hosting plan. Are you happy with the service? Is it providing your business adequate storage capacity, server speed and reliability? If it ticks all the boxes, look to commit to a long-term contract before the end of this tax year – or otherwise now could be a good time to compare what other hosting services exist and what you need to future-proof your business in this space.
If your business currently uses a virtual assistant, or you think you might in the next twelve months – it could be worth arranging to pre-pay for a package of VA credits in advance, which you can then use over the next 12 months, as and when you feel overwhelmed with your workload. Likewise, if you rely on using stock images – now could be a good time to pre-pay for a bank of photo credits.
Courses & Business Materials
Use the end of year as a reason to up-skill. You could pre-pay for a course, workshop or conference that is sufficiently related to your line of business. It’s also a perfect time to update your business reading list by loading up your kindle with business-related, or motivational books – or signing up to an industry-specific magazine subscription. Pay now and include it in this year’s tax deductions.
Seek Out EOFY Specials
Lots of businesses use this time of year to promote specials they would not normally share. Here at Wise Up, we have put together a range of services at a hugely discounted rate for our current and potential clients to benefit from, including; $70 weekly social media management, $199 blog posts and a PR starter package including a mini strategy, professional press release and a curated media contact list that will get your brand noticed, fast. Contact us for more information.