Preparing for EOFY 2024: Key considerations for Organisations
The end of the financial year (EOFY) is approaching, and your business needs to stay informed about critical updates and opportunities that can impact your operations and financial standing significantly. Two crucial issues that deserve your attention are the imminent closure of the 3G network and the instant asset write-off incentive. Both need quick action and careful planning to make sure your business stays compliant and takes advantage of available tax incentives before it’s too late.
Issue 1: 3G network closure
Telstra has announced an extension for the closure of its 3G network, now set for 31 August 2024. This extension gives businesses two additional months to transition from 3G-only devices to more advanced network technologies.
It’s important to know that there won’t be any more extensions beyond this date. After 31 August 2024, 3G-only devices won’t connect to the Telstra network anymore. This means that these devices will become obsolete, impacting your ability to communicate and manage operations if they are not upgraded in time. Plus, these devices will still incur network access charges unless you cancel them proactively.
What you can do: businesses should act now by identifying and replacing all 3G-only devices to avoid disruptions and unnecessary costs. Start by auditing your current devices and services to make sure you’re not relying on outdated technology. Also, cancel any services that you no longer need to prevent ongoing charges.
Switching to newer network technologies will ensure uninterrupted service and offer enhanced capabilities like faster data speeds and improved reliability. Upgrading your devices can boost efficiency and provide better support for modern applications and services, which are essential for staying competitive.
Issue 2: Instant asset write-off incentive
Don’t overlook the instant asset write-off incentive. This tax incentive lets eligible businesses deduct the cost of eligible assets immediately, reducing taxable income and providing a significant financial boost.
You can invest in new equipment, technology, and other assets that drive growth and productivity by taking advantage of the instant asset write-off and maximising your tax benefits. This incentive is designed to help businesses upgrade their operations and stay competitive.
What you can do: your eligibility for the instant asset write-off depends on a few factors, like the size of your business and the nature of the assets you purchase. It’s a good idea to chat with your accountant or financial advisor to see if you qualify and to make the most of this valuable opportunity before the end of the financial year.
Take some time to review your asset purchases and plan any necessary investments ahead of the EOFY deadline. Taking proactive steps now can lead to substantial tax savings and position your business for continued success.
How Techwell can help
Navigating these changes can be challenging, but you don’t have to do it alone. At Techwell, we provide comprehensive support to help businesses transition smoothly from 3G to newer network technologies. We also offer guidance on leveraging tax incentives like the instant asset write-off to maximise your financial benefits.
Don’t wait until it’s too late. Contact Techwell today to learn how we can help you prepare for the 3G network closure and make the most of the instant asset write-off. Our team of experts is ready to help you stay ahead of the curve and ensure your business thrives in the new financial year.
