As another financial year rolls to a close, it’s often a quick scramble to ensure the accounting department has all necessary documents to ensure an optimised return and as many offset expenses as possible. But if you’re leaving energy optimisation and management out of your tax-time regime, you could be missing out on enormous opportunities to save your business thousands of dollars each month, and more in years to come.
Here’s the top three things all businesses can put on their lists to kick off a new financial year with more money in their pocket, and savings to come.
1. Even if you do nothing else, have an expert energy broker review and assess your current energy bills.
Business energy broker specialists, like the team at Choice Energy, are here to not only save you money now but can also save you on upcoming contracts. While Australia continues to enjoy the pandemic induced dip in the cost of wholesale energy, the opportunity to lock in an incredibly low cost contract is here, but not for much longer. Already as the market stabilises, we are seeing a creep back to our previous eye watering costs, closing an opportunity not likely to return – especially in the face of power station emergencies like the Callide station explosion or Yallourn coal mine flood.
June/July is a common time for energy contracts to end, and if you’re not prepared with a new one, you may end up back on more costly default rates. If this is the case for you, a quick reach to our energy management team with your latest bills could have you set up and secured before this gap occurs.
Still got a little more time on your current agreement? Forward contracting is the perfect way to utilise these present opportunities to secure savings for the future. If you’ve got 18 months or less remaining on your current agreement, we can still find a better deal and take the pressure off for years to come.
2. Explore commercial solar - even if you have done so in the past.
As commercial solar for businesses has gained in popularity, so too have the advances in technology. If you’ve explored solar for your business or site in the past, especially more than five years ago, you may be pleasantly surprised to discover how much more efficient and affordable it has become.
With Australian consumers becoming more aware of the impacts of sustainability, their buying habits are changing. Companies that can actively show participation in sustainable practices, such as clean solar energy, are experiencing better placements on shelves, higher levels of brand loyalty and better opportunities for B2B partnerships.
Next to this is the increasing affordability of solar. Combined with government incentives and rebates, the cost of solar has plummeted thanks to improved manufacturing and competition. Likewise, new tech has created more efficient options, meaning your return on investment may be far greater than with previous options.
3. And while we’re on that topic: Talk to your accountant about the Instant Asset Tax Write Off
The IATWO rules changed in the face of the pandemic caused shake up to both large and small businesses. By removing the cap to the instant asset write off, businesses were encouraged to invest in assets to stimulate the economy and enjoy much needed support in keeping their business competitive and in control. Recent changes to the IATWO rules have removed the June 30th 2021 deadline to utilising this opportunity, meaning you can utilise it through the coming financial year.
When feasible, a commercial solar system is a long term asset to your business that continues to lower costs in an increasingly volatile market. With an average lifespan of 25 years, a solar system designed specifically for your needs is a sustainable medium for dramatically lowering costs. If utilising energy is part of your business function, taking control of those costs is a must. Thanks to the tax write off changes, this asset is now a lot more affordable for a lot more businesses.
While revenue and reducing costs is front of mind for you and your team, it’s time to reach out to Choice Energy and discover how we make energy efficiency even easier. With your devoted energy specialist, we’re here to provide you with solutions that save you now, and keep you on top of future changes within the market. Learn how to start with a no obligations conversation today, by calling us on 1300 304 448 or sending us a message here.