As we near the end of the financial year, you start to see the advertisements with the various EOFY sales, so may be thinking of purchasing new purchases to reduce your tax or to provide new benefits to improve your financial position in the next financial year.

The Australian Government recently announced it would continue the $20,000 instant tax write off for the 2023-24 and 2024-25, providing the ability to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2025.

Often this time of year our clients are budgeting for the next financial year, so we also spend time considering what they may need to invest in the next financial year.

If you may be thinking of what to investments you can do, and here’s a few thoughts:

Computer hardware is often considered. With Windows 10 nearing end of support in October 2025, most computers than older than approximately three years are unlikely be able to upgrade to Windows 11. You may wish to consider budgeting for replacement hardware that will run Windows 11. Business-grade desktops and laptops are becoming increasingly common these days as work from home is becoming the norm.

If you are looking at improving your cyber security, we recommend upgrading to Microsoft 365 Business Premium if you haven’t already done so. Microsoft 365 Business Premium is our the minimum standard as it provides additional security features to protect your email and data on Microsoft 365. We also recommend third-party backup solution in case your information is deleted or overwritten. Both subscriptions can be purchased on an annual or monthly basis.

Other subscriptions you may consider could be to purchase Copilot for Microsoft 365 to improve your efficiency and enable your business to become productive. We recommend a readiness assessment prior to implementation to ensure your data stored.

Lastly, you could look at investing in a combination of the above in conjunction with other products and services from us such as ongoing, proactive management, cyber security awareness training or strategy.

If we can help in any way, please contact us.

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