Get the most of the government’s $20,000 tax break and get a complimentary marketing consultation!
The popular tax write-off scheme for small businesses has been extended, but with the end of the financial year 30 June, now is the time to capitalise. The scheme has been widely taken advantage of across many industries. With savings up $5,500, it’s a generous grant to get businesses investing in revenue generating upgrades. Although the write-off has already helped many businesses, the scheme has been under utilised in the digital space. Last week Workwise released a study showing 78% of small business owners report they don’t understand what the $20,000 tax break covers.
According to the ATO “If you incur expenses creating or maintaining a website for your business, you may be able to claim the costs as a deduction.”
According to H&R Blocks Mark Chapman, “capital assets”, considered to give your business an “ongoing benefit”, fall under the scheme. With technology being the most quickly changing business asset, it’s a huge opportunity to increase business efficiency with modern technology and smart digital strategy.
Here are some things we recommend to create a smarter workflow:
1. Technology that integrates.
Uploading properties to your website & all the other portals should be easy entry. How much valuable time is your team spending doing manual entry, or shuffling paper around? (Our software syncs here)
2. Mobile everything.
The workplace at large, and especially real estate & property, is changing. We need to be able to do everything on every device. Are your business processes up to date? How does your website look and function on a mobile phone?
3. Get a personal agent website.
Invest in your personal brand with an agent website. Showcase listings and sales spanning your whole career, awards and achievements, personal video content and testimonials. (Read more here)
4. Smart Advertising.
According to H&R Block, “Costs to promote your brand and garner publicity for your business are deductible”. Invest in the most advanced and effective advertising like remarketing, Facebook applications and automated email campaigns.
(Mention the marketing consultation to get a complimentary 1-on-1 session with our digital expert!)
This article is meant to offer advice of a general nature. Tax law is complex, so speak to your tax professional before making a purchase to apply the small business tax deductions.