At the end of every financial year, it is good to scramble through the accounting department and ensure whether the documents required to fix an optimized return and offset expenses are properly kept or not. However, if you choose to leave out the topic of energy optimization and management from your tax regime, then it is not a very smart choice. By doing that, you can lose out on a massive opportunity of saving thousands of dollars of your business every month for years to come.
This article will confer about the top three things that every business can undergo to start a brand new financial year with more capital and savings in their pocket.
1. Get an expert energy broker to review and evaluate your current electricity bills.
Getting the bills reviewed and assessed is the most basic thing that every business can do. The business energy broker specialists will not only save your money in the current situation but will also ensure a significant amount of saving on your upcoming deals and contracts.
Australia is currently benefitting from the pandemic since the country is enjoying a dip in the cost of wholesale energy. Therefore, this becomes the perfect time to seal a good low-cost contract. However, the contract needs to be sealed fast since the dip won’t last long. The market is stabilizing at a rapid pace, and the costs are creeping up again, closing the opportunity of sealing an incredible deal.
The month of June and July is the common time when energy contracts come to an end, so it is better to be prepared with a new one to avoid costly default rates. You can even opt for forward contracting if you have time left on your current agreement and want to acquire savings for your future.
2. Explore the option of commercial solar.
Solar for business has gained acceptance over the years and has experienced many advances in its technology. It may happen that you have come in contact with commercial solar in the past and explored its options. However, if it has been years, then you will be amazed to know about the advancements in the efficiency level and the decrease in the costs that it has undergone.
Australian customers are learning more about sustainability and hence are adapting to a sustainable living style. Therefore, their buying habits are also changing, and they are opting for solar energy Australia. Solar system companies that are showing active participation in sustainable practices are experiencing better settlements on shelves. Sustainable practices include the generation of green and clean solar energy.
The companies are coming into contact with an advanced level of brand constancy and improved prospects for B2B partnerships. Commercial solar is also becoming affordable. The manufacturing has improved, and the government is also providing a great number of rebates and incentives. There is a presence of healthy competition in the solar system market as well.
The new technology has shaped efficient options for solar for business which is also one of the reasons for the plummeting costs. Due to this, the return on investment is also faster and greater than it was with the previous technology options.
3. Have a chat with your accountant regarding the Instant Asset Tax Write Off or IATWO.
The Instant Asset Tax Write Off, or IATWO, allows small businesses to claim immediate deductions for their new or second-hand plant and equipment asset purchases. However, the rules of IATWO changed during the pandemic and affected both small and large businesses. Previously businesses were stimulated to invest in assets and inspire the economy. Their business was in control and competitive, and they enjoyed the much-required support.
Solar energy Australia is an asset for your business that will help you in the long run. It will continue to lower your business costs in the volatile market. It is a sustainable source since it has a lifespan of around 25 years and hence will continue to lower your costs during that time dramatically.
If you want to run your business by utilizing energy, then you have to take control of your business costs. The IATWO will make you achieve your goals since it helps in making assets more affordable for many businesses.
So, follow these three amazing steps before the end of a financial year and ensure savings on your upcoming energy bills.