Tax Time Tips, Hints and Support For Your Business Finance

The end of the financial year is a busy time for both businesses and individuals. Not only are many hoping to score an EOFY bargain on a major purchase, everyone needs to get their paperwork in order for the taxman. All this as COVID outbreaks impact several states just to complicate activities. But there are other aspects at this time of year in regard to financial objectives which are worth consideration. We’re sharing our tips on what to keep an eye on over late June and into July that present opportunities for you and how we may be able to assist you to achieve your financial objectives over the coming year.

Tax Time, Looking Ahead

Yes, the priority is to get everything in order by 30 June but it’s also time to look ahead to the new financial year. What do you hope to achieve in regard to your financial situation and what actions should you be taking now to achieve those goals.

Many individuals are in line to receive a tax return courtesy of the Low and Middle Income Tax Offset. Others may receive a return due to claiming eligible work from home expenses incurred due to COVID-19 restrictions. What will you do with your refund?

If you have an existing personal loan on a car, boat, motorbike or caravan you may think about making additional payments on your loan. Secured Personal Loans allow for extra payments to be made. These can be in addition to the scheduled payments or can be used against future repayments but cannot be withdrawn. By making extra payments while adhering to the existing payment schedule, the loan would be finalised prior to the fixed loan term. This would incur break fees. For details on break fees, refer to our articles.

Your refund may present a handy deposit or down payment on that boat, car, caravan or motorbike you want. While Jade Finance can source no deposit car loans, by making a deposit and reducing the overall loan amount, you pay less interest than borrowing the entire amount.

For businesses, the new financial year is key to getting well-set up to take on the year ahead. While the past has been uncertain, businesses have a raft of measures available to realise tax benefits through equipment and motor vehicle acquisitions. Temporary full expensing is available to eligible businesses for eligible purchases. To take advantage of this measure a Chattel Mortgage finance contract is required. This is suited to businesses that utilise the cash accounting method. The method of accounting used by a business must be maintained through an entire financial year under ATO rulings.

So if a business uses the accruals method of accounting and would like to change to the cash method to be more suitable for Chattel Mortgage and temporary full expensing, now is the time to have that conversation - first with your accountant to make the change and then with Jade to source a cheap finance deal for your acquisition.

State Budget Opportunities

June-July is also State Budget time and for businesses, this can mean major announcements which may impact your business. Primarily impact positively with opportunities for new work through state infrastructure and capital works projects.

Refer to our area’s budget papers with news of what could be ahead for you and speak with us to source cost-effective finance to enable you to gear up to take on the work.

Being granted Government contracts can involve the preparation of extensive tender and contractual proposals and documentation. The process can require engaging specialist consultants to prepare the required reports and documents. A process that can involve a significant cost to the business. We provide support for a range of business expenses through Secured and Unsecured Business Loans and Business Overdrafts. Speak with one of our consultants about our support for businesses submitting tenders.

Starting a New Business, Running an Existing Operation

If you’re looking at the new financial year as a time to change how you’re doing things, how you’re currently working, then we may be able to assist with finance to facilitate the big change. For those looking to branch out into their own business, we provide a range of loans for self-employed, sole traders and SMEs.

When applying for a business loan from a bank, you will be required to submit financial documentation around your business. If you’re just starting out – no docs! We can assist with our range of Low Doc Car Loans and No Docs business loan portfolio. Through our specialist non-bank lenders, we can source loans for operators that do not have all the financial records requested by the bank. These loans are available for purchasing equipment, vehicles and trucks as well as for general business purposes.

If you’ve found running your business over the past year somewhat challenging, you are definitely not alone. Many businesses have found the current economic conditions due to the impacts of the coronavirus to be a major impost on their operations.

The new financial year is a great time to take stock, assess what you need in regard to finance to move forward confidently and speak with us for quotes and ideas. Our cheap interest rate Business Overdrafts can assist with cash flow shortages while Secured and Unsecured Business Loans are suitable for a range of business purposes.

Sourcing Support For Your Business Loan Opportunities

Whatever you hope to achieve in 2021/22, if it involves major purchases or business purposes, speak with one of our consultants to see how we can assist you. When using Jade as your lender you are assigned a consultant who sources quotes, negotiates loan terms and conditions and assists with much of the paperwork while delivering a cheap interest rate loan option. To get a better idea of what you may be after, feel free to use our business loan interest rate table.

To assist with achieving your financial objectives, contact Jade Finance 1300 000 008