End of Financial Year: Time for a Business Loan?
The end of the financial year (EOFY) can be the perfect time to take advantage of tax incentives and sales, and to set your business up for success in the year ahead. The team at CFI are here to help!
The end of financial year can be a great time to:
- take advantage of tax incentives
- shop for big discounts
- hire new staff
- plan for growth
there’s really no end to the possibilities.
With business loan amounts from $25,000 to $250,000+, and terms of up to 5 years, CFI are here to help!
Take Advantage of Tax Incentives (Instant Asset Write-Off)
June 30 marks the end of the tax year, it’s also the time that rule changes tend to come into effect. Many Australian businesses are able to take advantage of the the instant asset write-off rules to reduce their tax bill. An instant asset write off allows eligible businesses to claim the full amount of the asset in depreciation in the one financial year (the year you purchased and installed the asset), rather than spreading it over a number of years. This can be a huge financial boost for your business!
Instant asset write offs are available to most Australian businesses including sole traders and companies, it also applies to most types of assets and until July 2023 there are few limits on asset value. But get in quick, from July 1st 2023 the threshold for individual assets that can be immediately depreciated reduces back down to $20,000.
You could claim an instant depreciation benefit for:
- Computers and technology
- Office furniture
- Motor vehicles (cars, trucks, tractors)
- Tools and industrial equipment
Of course the challenge many business face is having the funds to make capital purchases before the end of the financial year. That’s where CFI Finance can help. With a Business Loan from CFI you can acquire and depreciate your assets straight away and spread the cost of the asset over a number of years. Now that’s a win-win!
You can get more information at the ATO’s website here, and talk to a registered tax agent or your accountant to find out if you’re eligible and how an instant asset write off could benefit you.
Shop for BIG discounts
Almost every business wants to close out their financial year with a bang. This makes June a bumper month for sales and a great time for buyers. Wholesale and retail businesses may be looking to minimise their inventory before June 30, or to hit quotas / sales targets before the year ends.
In these times of inflation many suppliers may also be looking to increase prices in the new financial year, so it can pay big dividends to get in before they do. Combine discounts with tax benefits and your business can really save big. CFI Finance has a range of Asset Finance products that can help you make the most of EOFY sales.
Hire new staff
People are the driving force in every business, but there can be a lag between the time of recruiting and training new staff and realising the increased revenue they can produce. Whether you’re looking to hire a new salesperson or bring on board additional support or marketing staff, there’s always a cost and a lag that could be weeks or months before you’re fully realising the benefits. That’s where a Business Boost loan from CFI can help. A Business Boost offers your business quick and simple access to cash for almost any business use.
Plan for Growth
The end of financial year is a great time to set yourself up for success in the year ahead, and that can often start with an investment in your business.
Whether you’re looking to refurbish your business premises, buy new equipment, invest in new staff, or perhaps expand with a business acquisition, there’s no end to the possibilities and CFI Finance is there to help every step of the way. CFI help businesses like yours every day with real world problems and common sense solutions. Just click Get Started to talk to a CFI Finance Specialist or to start your journey today.
Whilst banks can sometimes take weeks to make a decision, CFI can typically give you an answer within 24-48 hours.
Yes you can! Even better, the business you’re purchasing can be the primary security for the loan. A Business Loan is the perfect tool for acquiring an existing business.
Loan amounts vary by finance product and based on your specific circumstances. Business Loans are typically for amounts between $25,000 and $250,000 – but we can often lend more (and we have products for lower loan amounts).
At CFI we started out just financing franchises, so we’re very good at it. CFI has relationships with lots of major franchise brands, and our franchise accreditation model can make it easier for existing and prospective franchisees to access funding.
CFI has helped thousands of Australians to realise their dreams of business ownership. Regardless of whether you’re looking to start a new business, or buy an existing business, CFI can help.
A deposit may be required for some loans, but not always, it depends on a number of factors including the loan size and the financial product selected. For new businesses it may depend on what money you’ve already invested or plan to invest in setting up your business. A CFI Finance Specialist can give you a better indication of whether or not a deposit may be required based on your specific circumstances.
*Excluding circumstances where a borrower has defaulted on a loan
Yes you can. CFI are experts when it comes to funding business acquisitions.