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The SME lender has encouraged small businesses to act fast to take advantage of EOFY tax breaks with assistance from brokers.
Online small-business lender OnDeck Australia has called on small- to medium-sized enterprises (SMEs) to take advantage of end of financial year (EOFY) tax deductions through the help of their brokers.
Chief executive of OnDeck Australia, Cameron Poolman, said as brokers know, SMEs often “need funding to take advantage of deductions such as temporary full expensing”.
“We have pulled together strategies that may allow small businesses to enjoy a tax break this financial year,” he said.
As such, the SME lender’s Lightning Loans offer is a fast-tracked application and approval process for loans up to $150,000, enabling SMEs to obtain funding decisions in 30 minutes or less. Funds can then be made available to approved applicants up to two hours.
“We know that applying for funding through a traditional lender can be a drawn-out process, which often sees a small business miss the boat when it comes to EOFY tax savings,” Mr Poolman stated.
“This is a key area where brokers can lend support to their small-business clients, by opening the door to a broader range of funding options.
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“OnDeck understands the need for speed at this time of year, and our Lightning Loans can help brokers and their small-business clients tap into those last-minute tax deductions.”
In addition, OnDeck has offered five potential opportunities for SMEs to get the most out of their tax deductions.
Those include writing down or writing off unneeded stock, taking advantage of temporary full expensing, considering prepaying expenses (such as rent or insurance premiums before 30 June) and claiming a full deduction, upskilling employees, and boosting tech capabilities.
In Focus podcast
In an episode of The Adviser’s In Focus podcast (sponsored by Prospa), national sales manager at Prospa, Roberto Sanz, sat down to talk about the trends in SME finance and what brokers need to know.
In the episode, Mr Sanz joins the discussion on what SMEs need for financing and how brokers can help support SMEs in the lead-up to the end of the financial year.
If you want to find out more about how small businesses are looking to take advantage of tax benefits and fund growth for the year ahead, tune in to the episode, In Focus: How brokers can help SMEs at EOFY and beyond, below:
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