As we are coming up to the end of the financial year it’s a great time to look at how much tax you might need to pay.
You need to do your tax planning before the financial year ends and confirm where you want to put all of your money. Your accountant may advise you to invest in some new equipment in your business. Currently the government has an instant wright off the assets purchased under $25,000. If you’re wanting to take advantage of this now is a good time to get in and get everything prepared. If you do not have the cash directly in your business to pay for this asset outright the new need to consider looking at asset finance. We have some great options for you that will allow you to pay this back over the next couple years with minimal interest and expenses. If you would like to find out more about this please give us a call or refer to some of our videos on our website for more information. The process is easy and funds can be received quite quickly. However you do have to watch out getting towards the end of the tax year if you are leaving it too late is quite often the lenders backup a lot with so many deals in the system and we might not meet that 30 June deadline which could mean that you don’t get your tax action.
Summary:
- have you completed your tax planning for the year?
- if not go talk to your accountant as soon as possible
- are you in a position to look at taking then each of the $25,000 instant asset write off
- can you afford this directly from your savings?
- if you can’t would you like to look at finance and give us a call
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