Tax Breaks for Small Businesses

Dreaming of a bigger server for your small business? Perhaps a new telephony system? Or, maybe you’ve always wanted to make the switch to Office 365. Like many small businesses, you probably run a tight ship when it comes to business expenditure; but what if you could work with an IT provider to improve your systems, and reduce your tax bill at the end of the year too?

 

Sounds too good to be true, but it’s not. If you haven’t yet taken advantage of the tax breaks that SMEs are entitled to, now’s the time. Businesses who generate $10 million or less in revenue are eligible for the Australian Government’s instant asset write-off scheme, which lets you claim up to $30,000 of assets.

 

Your head might be spinning right now, thinking of the possibilities - so check out our ideas on how you could use the 30k to your advantage.

 

Upgrade your server

Time for a server upgrade? If you’ve put off a new server purchase, thereby boosting your server’s security and capacity, pre-EOFY could be the time. A slow, insecure server is a business risk and one that you shouldn’t ignore. Multum can work with you to implement either an on-premise or cloud server that can support your data and business needs.

 

Make the Office 365 switch

If you’ve been toying with the idea of making the move to Office 365 but have been put off by the cost, this tax incentive could be just what you need. Office 365 is a suite of cloud-based Microsoft applications that work together to do one thing: make your business life easier. It’s more than just Outlook and Word: there’s Teams, where you can quickly share files and chat with colleagues; version control on documents, for easy collaboration; and super-secure cloud access to your files no matter where you are.

 

Beef up your cyber security

How secure is your data? If you don’t know, it could be time to invest in an IT security upgrade. The team at Multum work with you to ensure your data and software systems are given the protection they deserve. This could involve helping you: create a new security policy for your staff; implement two-factor authentication; or make sure your software is up to date with the latest security fixes.

 

These are just a few of the ways you can take advantage of these asset tax breaks for your small business. Your partnership with Multum doesn’t end at June 30, either - we’re passionate about partnering with small businesses to ensure your IT needs are always looked after, whether it’s tax time or not. Chat to us - we’d love to help you improve your businesses IT systems.

 

Read more at the ATO's website

 

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