Survey reveals time-poor SMEs find EOFY hard to navigate

Are you maximising your end of financial year (EOFY) opportunities? A new study reveals that small business owners just don’t have enough time to navigate new schemes and business incentives.

Commissioned by Officeworks, the survey set out to gain insights into how much small business owners know about end of financial year, particularly in light of a string of recent changes to small business incentives.

It reveals that EOFY can be a headache for small business owners, with many admitting that navigating new government schemes, a lack of cash flow and a lack of understanding means are the main barriers to maximising their claims and accessing small business the tax schemes.

The research also highlights that only a quarter of Australian small business owners see the end of financial year period as a financial opportunity for their business.

While there’s broad understanding of the Instant Asset Write-Off (74 per cent), 71 per cent of small business owners don’t intend to use it this year.

It also revealed that 16 per cent of small business owners use utilise the asset write off due to poor understanding of the scheme.

Getting the most from EOFY

To find out more about end of financial year attitudes in Australia, download our free infographic.