To make more money, you can sell more or spend less. Here are some ways to cut costs for your business.
Tax experts mostly agree that SMEs often pay more tax than they have to. SMEs may miss out on valuable opportunities to cut their tax bills by not maximising legitimate depreciation deductions on the commercial property they rent or own.
ATO allows commercial property tenants and owners to claim simultaneously for deductions but it is important to consult a specialist because deductions and their value can differ from industry to industry. Whether you rent or own your business premises, you may be entitled to a wealth of value-laden and unexpected deductions. Even people who work from home may be entitled to these deductions. This is just one of the many type of deductions businesses are entitled to.
Meanwhile, self-employed borrowers are paying about 1 percent more on their home loans because of a misconception that they can’t negotiate for a better rate. The same goes for insurance policies and business loans where people fail to look for better deals or ask their provider for a loyalty discount. People say they have saved up to thousands of dollars by doing this. Reduce your expenses by shopping for better deals. Consulting experts also saves time used to sort through T&Cs.
Another way to reduce your overall expenses bill and deliver a boost in productivity is through business process automation. You can save up to 30 percent after using management platforms such as Travelport Locomote.
According to Credit Union Australia (CUA), it expects to slash $300,000 from a client’s annual travel bill this year just by centralising all staff travel bookings and tracking spending more efficiently. Management platforms can identify opportunities to cut wastage. There are several digital solutions available in the market where similar efficiencies can be made.
For more information about depreciation deductions and ways to cut costs, contact a Chan & Naylor office near you to discuss your particular circumstances.
Disclaimer: This article contains general information; before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. Click for more detail regarding this disclaimer.
*Photo from flickr