As 30 June looms once again, the more than 2 million small businesses across Australia are going through multiple receipts reviewing what can and can’t be claimed to lower their impending tax bill.
This year’s tax rebates are looking brighter than ever before for small business owners following the 2015 federal budget announcement that businesses with a turnover of less than $2 million have an immediate tax deduction for individual assets they buy costing less than $20,000 from 12 May 2015 through 30 June 2017. The $20,000 limit applies to each individual item and small businesses can apply this deduction to as many individual items as they wish – a significant increase from the previous threshold of $1,000. It’s a generous incentive since, according to the 2015 budget, 96 percent of Australian businesses have a turnover of less than $2 million a year, provide 4.5 million jobs and produced $330 billion in economic output.
The question left for many small business owners is, “what purchases should I be making before the EOFY deadline that will increase my profitability and efficiency during the next financial year?” The short answer is technology. Technology helps small businesses grow by reenergising processes, and ultimately employees.
According to the Microsoft Asia Pacific New World of Work (NWOW) Study, small businesses in the region have a terrific appetite for new technologies. They are bypassing more traditional platforms and are gravitating towards mobile and cloud technologies to get ahead, and often on limited budgets. Tax time and new budget allowances make this the perfect time for small businesses to invest in new technologies.
- Free yourself from the office – it’s no secret that small business owners are among some of the hardest working Australians, logging long hours at the office well beyond the usual 9-5. Implementing cloud based services allow small business owners and their employees to access, share and edit documents from anywhere at any time, leading to increased productivity and a better work-life balance – an ever important issue in the age of technology. With the increased rebate amount available, there is no need to be nervous about moving to the cloud, the new tax rebate amount allows for secondary element costs that will cover installation, consultation and customisation. (Source: EY: The new small business budget measures — the value’s in the detail.)
- Power in Portability – being able to work on the go is vital for small business owners. Surface Pro 3 combines the power of a laptop with the versatility and portability of a tablet, meaning your work can go wherever life, clients or investors take you. Pre-loaded with Windows 8.1 Pro, you can install your favourite desktop software, including the full Microsoft Office suite and thousands of programs created for the Windows platform.
- Streamline Software – With the beginning of a new financial year just around the corner, it’s the perfect time to review and streamline current processes and get organised. There’s a wide array of technology available to ensure small businesses achieve their productivity and growth goals. For example, Office 365 for Business, comes with everything you need to get work done anytime, anywhere, filled with an array of Office Applications including; Word, Excel, PowerPoint, Outlook, Publisher, and OneNote on up to 5 PCs or Macs and file storage and sharing with 1 TB storage/user providing you with all the tools to stay organised and connected. And for all the little extras before the Microsoft store has 20% PC accessories and 20% off Windows Store Digital Gift Cards to get you equipped.
With this year’s tax deadline quickly approaching, now is the time for small businesses to review their technology needs and take advantage of the government’s new rebate. All of the above, and many more products designed to help small business get off the ground and keep them running successfully, are available at the Microsoft online store, you also get free standard shipping, free returns and 24/7 customer service support. Whether you’re updating your existing technology or, or investing in new technology, bring your small business up to speed and get yourself ready for a profitable and more productive in FY16.