We once again find ourselves approaching the end of the current financial year (and what a year it has been!). Due to the COVID-19 pandemic, the ATO have increased the instant asset write-off threshold from $30,000 to $150,000. They have also expanded access to include businesses with a turnover of less than $500 million, up from $50 million.
More than 2.4 million Australians are self-employed, including 1 million who operate as sole traders.
If you are one of these 2.4 million, you’ll know how rewarding it can be – more flexibility with your work hours, better work life balance, you get to choose who you work with, you have the option to work where you like, you have more control over your income, and there are possible tax advantages.
However, sometimes, it can be a little more challenging, especially when it comes time to buy a home. This is because you will need to demonstrate a stable income and continuity of employment and this can often be difficult.
At Seek Financial, we have the privilege of meeting with business owners from all types of industries and backgrounds. Whilst they are very good at what they do, they often find that navigating through the finance application process can be quite frustrating. Well that’s where we come in, helping people secure finance for both their personal and business needs is our speciality. It’s what we do every day.
So we’ve put together our top tips to help streamline the process for you.
As we come up to the end of the financial year, now is a good time to consider whether the purchase of new assets or equipment could benefit your business.
Asset and equipment finance is a great way to preserve cash flow and working capital. Of course, the asset can also begin to generate immediate income for you and there could be potential tax advantages to make the most of.
To be successful in business it’s essential to effectively manage your money.
Seeing more go out than come in within a month, or debt that seems to continually be growing without the same levels of growth on the profitability front can be a real worry. Managing your money is more than just knowing how much is in your account and mistakes can be quite common in the small business community.
At Seek Financial we’re here to help. We take a personalised approach and get to know you so that we can really help you to upscale your business, achieve your goals and be successful.
We’ve put together some of our top tips when it comes to smart money management as a small business: