5 Must-Buys Before the End of Financial Year

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Buy now, tax-back later.

Woman typing on laptop at a cafe

It’s that time of year many entrepreneurs and self-employed workers dread. But there is an upside to end of financial year paperwork – an excuse for some last minute spending. Of course, we’re not saying you should spend unnecessarily, and it’s important to double-check your tax-back rights depending on your industry. However, June can be a great time to invest in your business and career development. Here are some items to add to your shopping list.

Cyber security

After the recent security breeches with the NHS in England, and Patagonia Australia which was hit by an “external privacy breach”, it could be worth increasing your company’s cyber security. The CSO website has the latest on breaking news and products for mobile, data protection and identity security. Cyber Insurance also covers liabilities in the result of a cyber attack.

Digital storage 

Still struggling to fit your life onto a 1TB hard drive? It’s time to update your hardware. Seagate has portable 5TB hard drives that are slim enough to fit into your pocket and can be backed up on the move. It’s also worth remembering you can tax-back cloud storage. In addition to Dropbox and iCloud, the Australian storage service Box offers packages for business owners starting at $20 per month.

Virtual assistant credits 

Some virtual assistant programs, including Outsourcing Wizard and The Virtual Assistant, allow you to pre-pay for a package of VA credits in advance, which you can then use over the next 12 months, as and when you feel overwhelmed with your workload. You can even use your prepay credits to pay for a virtual tax preparer to take the stress out of the paperwork for you.

Crowdfunding pledges

These can be tax deductible if – and only if – the organisation you are pledging to has DGR status and provides you with a tax-deductible receipt, according to the Australian Securities and Investment Commission. The ATO has a comprehensive guide to the tax-back policies relating to crowdfunding on their website with information for both funders and fundees.

Educational resources

Use the end of year as a reason to up-skill by signing up to a course, workshop or conference that is sufficiently related to your line of business or work activities. Join one of the Collective Hub’s Masterclasses and get a 25 per cent discount with our end of financial year sale. It’s also a perfect time to update your winter reading list by bulk-buying business-related books or signing up to an industry-themed magazine subscription.

Book a 101 Masterclass before June 30 and save 25 per cent! (Plus the tax kick-back!). Use code EOFYCH.

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