I want to start off by saying that everybody in business who has been carrying on through this Corona Virus crisis, congratulations and hang in there and well done! It's been an extremely difficult time for everybody and all the new challenges that have been thrown at us as small business owners have come on top of normal workloads and trying to manage contracts and sales and all the above.
Normally the tax tips that I'd be giving at this time for end of financial year, I know that all of them would involve spending more money. One of the challenges of this whole coronavirus crisis has been that money has become tight, people are probably experiencing delays in being paid by their debtors because not as much money is circulating around so I want to make sure as we discuss some of the things that small businesses can do a lot of the preparation they’ll need to do, they may not have the luxury of being able to spend big dollars.
Certainly if they are able to, there are some great incentives that are out there provided by the government like the investment allowance and even if you're working from home and decking out your home office there is certainly some opportunities there. There are also things that we can do which have a non cash component which you can do to prepare for the new financial year that will hopefully get everything in line so that you can start the new year with new opportunities and a positive attitude.