As we breathe a sigh of relief post EOFY, the realisation hits that we are fast approaching Christmas! Sometimes, as a business owner, life can feel like a hamster wheel rolling through the months. Busy, busy is a common discussion we have with our clients, regardless of their industry or location. While we don’t always have the answers, we do have the support.
Our team is here to assist, whether it is organising finance for an asset purchase, securing a pre-approval prior to purchasing, or refinancing a residual on an existing loan. We are here to take the load off.
Please stay safe and enjoy the read.
Business loan expenses to claim at tax time
Each year at tax time business owners seek clarity around which expenses they can leverage to optimise their tax commitments. In this guide we explain what is considered a business loan expense and if you can claim it at tax time.
If you are not sure what it means for something to be claimed at tax time or “from tax”, it refers to determining that a particular cost or expense is tax deductible. If it is tax deductible, then its value is taken away from the amount of tax you owe the Australian Taxation Office. If you have paid that portion of tax already, you may be eligible for a tax credit and be refunded.
If your business is looking to upgrade or buy a work vehicle or equipment, asset finance may help to boost your business without using cash.
Asset financing enables businesses to align repayments based on their cash flow condition. When you have access to the correct equipment and machinery, you may discover that your business is more productive and efficient. Asset finance offers businesses a variety of solutions that can help you develop your business, free up cash flow, and manage your budget more effectively. Here are some tips that can help you grow your business with asset finance.
As your small business matures, you’ll want to keep an eye out for various milestones to help gauge your business’s performance. The ATO uses external benchmarks to compare small businesses with similar businesses in the same industry as a method to identify businesses that are avoiding tax obligations. It is a little more difficult for you to know exactly how other small businesses function internally. They could be on the brink of collapse, and you’d never know, not until their building goes up for rent again.
That’s why we're going to explore some internal small business benchmarks that can help you make sure your business is still on track for industry success.
What the 2023–24 Federal Budget means for small businesses
While SMEs were not on the sideline in this year’s Federal Budget, nor were they in the spotlight. That’s the word from the Council of Small Business Organisations Australia. It says the budget acknowledges small businesses, “but there is a need for greater focus on empowering them, promoting entrepreneurship and providing enhanced reasons to commence and remain in business”. While heavily focused on providing cost-of-living relief to vulnerable Australians, the budget also included some measures to lighten the cost of doing business burden and ease the cash flow of SMEs. Here’s a look at some of them.
Did you know you can finance your WorkCover premiums?
Like many bills, WorkeCover premiums offer a discount if paid in full early. Although due to be paid by 30th September, a 5% discount is applied if paid prior to the 16th September. Regardless, paying in full can leave a hole in your cashflow.
We at PMG can assist with financing your premium before the discount period ends.
What We Can Finance
🚚 Transport Equipment
🚜 Agricultural Equipment
🚧 Construction Equipment
🚗 Motor Vehicles
✈️ Aircraft
🛠️ Sheds
Basically, if you need it for use in your business, I can finance it.
Don't forget, we can finance:
👍 New or Used
👍 Dealer or Private Sale
👍 Low Doc Loans Available
We want to assure you that our team are here to help. We look forward to being of assistance for your business needs.
Information contained in this document is of a general nature only. It does not constitute financial advice. The information does not take into account your objectives, needs and circumstances. We recommend that you obtain advice specific to your objectives, financial situation and particular needs before making any decision or acting on any of the information contained in this document. Subject to law, PMG Finance nor their directors, employees or authorised representatives, do not give any representation or warranty as to the reliability for any person acting, or refraining from acting, on the basis of the information contained in this document.
Peter May Group Pty Ltd | ABN 48 147 057 538 | Australian Credit Licence No. 391868