Another financial year is about to wrap up – crazy, right? If like us, you dread this time of year then let’s look at the positives – it’s an opportune time for some last-minute spending! It’s important to check with your accountant, however, June can be a great time to invest in your business to reduce your tax. Here are some items you might want to look into before the end of the month.
Build or Upgrade your Website
If you’ve been putting off a new website, because you haven’t had the time or funds, it may be a great time to get started, allowing you to expense some (or all) of it before June 30, while getting that burst of motivation to go from idea to launch. Websites can date quickly in both their look and their functionality. It is the silent salesman that’s always available for your business. Refreshing every 3-5 years is critical.
The end of the financial year is a perfect time to see if your business is paying for services and software that you don’t use! For the subscription programs that you do use, if you can, pay the premium in advance rather than doing it month by month, you will find it will save you some money. By doing so before June 30 you claim a tax deduction on them straight away.
It’s time for a new laptop!
Do you feel like your laptop is slowing you down? Are you losing productivity because the load times are just unbearable? There’s no better time to upgrade your tech as you can capture some great sales, and may be able to claim a write off at the EOFY. This is a short term cost that in the long run will lead to higher efficiency, freeing you up to do work that matters!
Courses & Business Materials
Use the end of the financial year as a reason to up-skill. Book into a course, workshop or conference that is related to your line of business. It’s also a perfect time to update your business reading list by loading up your kindle with business-related, or motivational books – or signing up to an industry-specific educational subscription. Pay now and include it in this year’s tax deductions. To see what workshops we have on offer, click here.
Review your Hosting
It’s worth reviewing your current hosting plan. Are you happy with the service? Is it providing your business adequate storage capacity, server speed and reliability? If it ticks all the boxes, look to commit to a long-term contract before the end of this tax year – or otherwise now could be a good time to compare what other hosting services exist and what you need to future-proof your business in this space.
You might also want to consider investing a Care Plan for your website, if you’re on WordPress. A Care Plan means your website is looked after, with all essential updates happening each month, that means WordPress Updates, Plugin Updates and 24/7 Security Monitoring are all taken care of, plus with daily back ups, if anything goes wrong we can restore your site as it was. For the month of June we have 50% off our Care Plans for new sign ups, with Monthly Plans starting at just $40 + GST or $400 + GST for a year, email us here to learn more.