The end of financial year is just around the corner. For many businesses this is a very busy time – from ensuring your ABN and business information is up to date with ASIC to retrieving end of year financial summaries ahead of tax returns, now’s the time to get your paperwork in order. Please contact your Account Manager or give us a call on 1300 966 639 if you have any questions or are changing your ABN.
Once that work is done, it’s important to consider what your goals are for the year ahead. Are you keen to expand? Store renovations or equipment? Whatever’s on the agenda, here are three tips that could put your business in a healthier financial position.
1. Stop, reflect and reset your goals
With the benefit of a full financial year behind you, now is the ideal time to conduct a health check of your business. Take the time to reflect on your goals and financial performance over the last 12 months – and focus on goals you want to establish for the new financial year. Do you want to grow your revenue and sales, expand into new locations, double-down on your most profitable customers, or spend more time with family? Whatever it is you want to achieve, write it down and revisit your wish list through the year (at least once a quarter) to keep yourself on track. If you’ve never gone through this exercise before, resources like business.gov.au can be a good place to start.
2. Upgrade your assets
Could upgrading your business’s equipment give you a competitive edge? Or perhaps modernising your IT systems enable you to provide a smoother customer experience? The 2019 Federal Budget in February 2019 extended the “instant asset write-off” to $25,000. This meant that businesses with a turnover of less than $10 million could instantly claim the business portion of a purchased asset under $25,000 in their tax return for that income year.
Then in April 2019, both Houses of Parliament passed legislation that saw the threshold jump to $30,000 and the eligible cohort expanded to include businesses with a turnover less than $50 million. This means any asset less than $30,000 purchased by SMEs from 7.30pm (AEDT) on 2 April 2019 to 30 June 2020 would now be eligible for an immediate deduction.
Keen to take advantage of this tax break? Check the resources on the Australian Taxation Office website, or consult your trusted financial adviser before making a purchase.
3. Fund your business growth
Unlike traditional lenders who can make you jump through hoops to complete a loan application Tyro Business Loans give you access to funds in a fast and simple way up to $120,000 ($50,000 limit for first loans). By assessing your daily EFTPOS takings, we can calculate how much you can borrow. So instead of filling out piles of paperwork, eligible Tyro customers customise their loan repayments and accept a loan offer in the Tyro App. Once the loan offer is accepted and a personal guarantee is given (both in the Tyro App) funds are transferred into the Tyro bank account in less than 60 seconds.
4. Ready to get going?
For more information about Tyro Business Loans tap the ‘loans tab’ in the Tyro App and explore the loan calculator or contact us on 02 8907 1716 for more information.