End of Financial Year is upon us which means time for some EOFY tax planning to ensure your business is in the best financial position possible. Now is the ideal time to take advantage of the EOFY sales, stimulus packages, instant asset write-offs and interest rates on offer. There is no denying that the past few months have been the hardest of times for small business. The Morrison Government has responded with a raft of stimulus measures to help stimulate the economy and keep businesses afloat.
Assessing your options prior to June 30th will allow you to take advantage of a range of stimulus and offers on the table for your business.
EOFY Tax Planning Recommendations
The Instant Asset Write-Off
As of 12th March this year, the Government increased the instant asset write-off from $30,000 to $150,000 as part of the first COVID-19 economic stimulus package. Extended to businesses with a turnover of less than $150 million until 30th June 2020. This leaves just one month to take advantage of this increased figure. The aim is to stimulate the economy and encourage businesses to purchase more substantial assets.
So how can we help you and your business take advantage of this increased instant asset write-off?
Taking Advantage of EOFY Stimulus and Sales
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Motor Vehicle finance
EOFY sees a flurry of new car discounts as car yards attempt to shed their cars of existing plate models. It is the ideal time to upgrade or add to your fleet. We advise getting your car loan in place prior to hitting the dealerships so you are armed with greater bargaining power. We can arrange finance for new, used or leased vehicles with secured finance options and competitive rates. Additionally, we can structure a choice of end of contract options – return, extend, purchase and own.
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Equipment finance
Again, End of Financial Year is an ideal time to cash in on EOFY deals for new Property, Plant and Equipment (PPE). These long term assets can be purchased prior to June 30 up to the value of $150,000. Perhaps you need some new office furniture? Are you outgrowing your existing workspace? Do you need to upgrade your heavy machinery?
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New Home Loan
Amongst the numerous stimulus packages on offer, the banks have also come to the forefront with a range of highly competitive interest rates, on both fixed and variable mortgages. They are in the market to lure new home buyers who are looking to enter the market, and they are doing it with historically low introductory interest rates. The Government is also poised to announce a new housing stimulus package predicted to offer up to $25,000 cash grants to those looking to build a new home.
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Investment Loan
Are you looking for a way to diversify your investment portfolio heading into the new financial year? We can assist with any type on investment loan – whether it be for an investment property purchase our other investment. Now is the time to take advantage of low investor loan rates. With access to more than 20 lenders, we can negotiate the best rate for your circumstances and a repayment structure to suit your cash flow.
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Refinance
If you have been considering switching banks, now is the ideal time do so. The major lenders are offering both record low-interest rates as well as cash incentives to make the switch. No longer are clients happy to sit idle with their bank. Banks must now work hard to keep their customers with not only exceptional customer service but low interest rates to match. We work with our specialist lenders to create a suitable finance solution to fit your specific needs and objectives.
Why Choose Fusion Solutions for your EOFY Tax Planning?
By working with us, you essentially take a short-cut to your preferred outcome. As an existing client, we have access to your financial information which can fast-track your approval process. That means faster turnaround and settlements. Working with 20 lenders, we can obtain competitive finance from a varied lending panel. But most importantly, we create tax effective options for our clients to give you the best, most tax-effective outcome this EOFY.
Our panel of lenders include:
- Angle Finance
- ANZ
- Australian Motorcycle and Marine Finance (AMMF)
- Automotive Financial Services (AFS)
- Bank of Queensland Equipment Finance
- Capital Finance
- Cashflow Finance
- Classic Funding Group
- Commonwealth Bank
- Connective Asset Finance
- Finance One
- Firstmac
- Flexigroup
- Get Capital
- Grow Asset Finance
- Iron Capital Group
- Judo Bank
- Latitude Financial Services
- Macquarie Leasing
- Medfin
- Metro Finance
- NAB
- OnDeck Capital
- Pepper Money
- Prospa
- RateSetter
- Scottish Pacific Business Finance
- Selfco Leasing
- Spotcap
- St George
- Suncorp
- Thorn Business Finance
- Waddle Debtor Finance
- Westpac Equipment Finance
- WISR Finance
Simply contact us to arrange your EOFY activities and take advantage of the sales and stimulus on offer.
