This post brought to you by Australia Post
The EOFY is often a time of dread for small business owners, with many seeing the 30th June deadline looming like a freight train if their financial affairs are not in order. Before you know it your tax is due and you were wondering if you made all the right choices throughout the year. So how do you ensure you are getting the most bang for your buck when it comes to your financial investments?
In order to save money for your business look at the year as a whole rather than leaving purchases until the EOFY. Consider utilising mid-year sales to buy a computer or office equipment and you will often save yourself a lot of money which means you can afford more! There will always be urgent and last-minute equipment needs but if you make a plan at the start of the year as to what you may need to update, you can look out for the relevant sales and take advantage.
Save on hired help!
There may be times throughout the year when you need to enlist additional help to meet your business needs. You can get free or low-cost help by hiring interns and giving local Uni students a chance to learn the ropes. Also, check with your council as many councils have associations with Unis and their out-of-school student projects may align with your needs. There are often volunteers looking for work experience in your field before you look at paid options.
Consider hitting your supplier list
Ask if they'll give you a discount for early payment. You won't know if you don't ask and more often than not they will be happy to give you a small deduction if it means they don't have to chase you for money. You will be amazed how much 5% here and there will add up over the course of a year into a genuine saving.
Look at your insurance costs to see whether you are getting the most value for money from your current policies.
Insurance is an essential purchase for all businesses but vehicle insurance in particular can be claimed as a business deduction if you use your car for work purposes. There are many insurance companies out there who allow you to compare costs but one of the quickest and easiest to use is Australia Post Car Insurance. No business owner has time to have lengthy phone discussions or spend time answering a zillion questions so Australia Post has made it super-fast and simple to provide you with a quote from a brand you can trust. There really are no excuses to not save money, especially with Australia Post Car Insurance offering a 20% discount on comprehensive car insurance if you sign up online before June 30th. What's not to like about that?
Save money by spending money!
Check the ATO website for legitimate deductions in your field and if you have a genuine need then you can offset some of your business expenses if you can prove they were needed to generate income. Making the business purchases before 30th June will allow you more deductions therefore reducing your profit figure and subsequently paying less tax.
Don't leave your financial affairs sitting in a shoe box when the EOFY rolls around. By utilising some of our tips you can ensure your business is in good shape and you are getting the most value possible for your financial outlays.
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