Boy 2023 just keeps the hits coming! Despite the crazy start to the year, it appears many industries are still booming. The fourth quarter of the financial year is set to be no different – crazy and full of potential. At PMG Finance, we are poised to cater for the growth in our clients’ financial needs. We are continually developing ways in which we can support your business.
Our team are always here to assist with your finance needs throughout your business journey.
Please stay safe and enjoy the read!
How does instant asset write-off work?
The instant asset write-off is a temporary tax deduction scheme available for all businesses with an annual turnover of less than $5 billion.
Under the scheme, businesses can claim an immediate deduction for the full cost of an asset up to $150,000. For small businesses with an aggregated annual turnover of less than $500 million, the scheme includes both new and second-hand assets. There are no restrictions on the number of assets that can be claimed as long as each purchase falls under the threshold.
How to protect your business when your customer face financial challenges
The building industry is facing one of the biggest challenges in its history. It is no wonder, with government grants increasing demand, material prices skyrocketing and a very tight labour market. When builders have financial challenges, it is often the subcontractors who bear the brunt.
Regardless of what industry you are in, there are measures a business can take to reduce the risk when their customers are facing financial challenges.
Why working capital is essential for your business?
If you are a new business starting to take off, or a well-established business looking to expand, you will need to understand the importance of working capital.
Working capital is a simple, albeit useful measure that businesses use to indicate their ability to complete day-to-day operations and also to assess their financial health. The amount of positive working capital a business needs to run efficiently can vary, depending on a wide range of factors. Such as business type, operating cycles, and any future growth plans.
Growing a business of any size isn’t an easy feat. But your business’ success can often depend on your efforts to grow.
Although rapid growth won’t be achieved overnight, there are several steps that you can take now to help keep your business moving forward. It may involve a lot of time and effort, but once you begin reaping the benefits, the effort will seem worth it.
Not sure where to start? Here are some steps to consider if you are looking to grow your business.
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