No asset? No worries; Small business loan in Perth

Big banks and major lenders often require that you put down property as security for repayments. However, not every business has the capacity to do so. Fortunately, there are options which don’t ask you put up your assets as security. Oftentimes, these lenders based their approval on the strength of your business, its structure, your bank statements, and credit history among others.

Loans that support small business

Why do you need funds? How are you planning to utilise this to improve your business?

• • Purchase a new equipment or software
  • Buy a new vehicle equipment
  • Business renovations
  • Improve infrastructure
  • Purchasing new capital

What are the features?

Prospa, a small business lending specialist, helps small business owners finance their needs. You can borrow from $5,000 up to $300,000 with repayments that work with your cash flow. You have the option to pay out the loan in 3 months up to 24 months, plus funding possible in 24 hours!*

No asset? No worries

Small business loans with Prospa doesn’t require you to put up a security with loan amount of up to $100,000. This is suitable for business owners who do not wish or don’t have the capacity to attach an asset as a guarantee.

How to apply

Submit your details and a Soul Finance Group finance broker will call you for a quick chat to see if you have any questions, Then, if you’re comfortable to proceed, you will be guided through the application. You will be asked to provide the following:

• • Driver Licence
  • Business ABN
  • 6 months business bank statements

Are you eligible?

If your business has a turnover of more than $6,000 per month and can demonstrate 6 months of trading for a new business, or 3 months if you’ve purchased an existing business, we most certainly can help.

The takeaway

Securing a finance need not be a tedious process. You already have your attention and time towards building your business and we wish to take the stress away by helping you fund your business needs. Don’t worry about putting up a security as we have access to a small business lending specialist that can help you. The process is quick as you could have a decision in as little as an hour, with funding possible in 24 hours.

You can visit business http://businessloan.soulfinancegroup.com.au for more details.

If you wish to know more details, give me a ring on 0408 081 082.

*Fees, terms and conditions apply.

Disclaimer:

Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post No Assets? No Worries; Small Business Loan in Perth appeared first on Soul Finance Group.

Great news for small businesses: an increase in the instant asset write off threshold.

We’ve got some great news about claiming the cost of your business assets. Small businesses with a turnover under $10 million can take advantage of the instant asset write off. There have been some studies that show that a high percentage of small businesses are not taking advantage of this deduction because they are not familiar. For small businesses that haven’t used this concession previously, here’s what you’ll need to know to maximise this scheme:

What is the instant asset write-off?

A tax break that allows small businesses (including those with an aggregated turnover of $10 million or less—you can consult your tax advisor to confirm) to lower their taxable income from any purchased assets that cost less than $30,000 – in the same income year.

What does this mean for your business?

• The tax break means small business owners can reduce their taxable income – and tax payable – in the same financial year an asset was purchased and installed.
• Assets must be purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020 to qualify.
• Small businesses can currently purchase an eligible asset up to $30,000 (excluding GST) and write it off as a tax deduction in the same financial year of purchase.
• You can claim multiple assets if each one is under $30,000. There is no cap on how many times a business can use this deduction. There is a cap of $30,000 per asset which means that you could potentially purchase any number of assets for your business before June 30th and instantly deduct them all.

What assets can you purchase to claim the cost?

Unsure of what is covered in the $30,000 tax break? You can use it for anything from computer equipment to a coffee machine for the office kitchen to solar panels for the office roof or even a car.

• Plant and equipment
• Vehicles
• New technology/facility or machinery
• tools and electronics such as:
  • machines for POS
  • mobile phones
  • computer monitors
  • laptops
  • printers

Second-hand goods also qualify for the tax break (Equipment, vehicles, tools, electronics). Exclusions from the write-off include horticultural plants, building construction and software allocated to a software development pool. You won’t get $30,000 as a tax refund – the write-off is a deduction of your taxable income.

How to take advantage of the instant write off?

If you are looking to purchase an equipment, electronics, or vehicle for your business, now is a great time to take advantage of this scheme.Your business will still need to fund the purchase for the period until you claim the instant asset write-off, which is only a portion of the purchase price.

The instant asset write-off is particularly useful for businesses intending to bring forward capital expenditure at the end of the financial year.

Thinking about purchasing assets to grow your business? Let’s put your plans into action sooner and get you the funds you need. Assets purchased before 30 June 2020 could be eligible for a $30,000 instant asset write-off. Schedule a call with me today to get access to highly competitive finance options available in the market.  Call 0408 081 082.

Disclaimer:

 Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post $30,000 Instant Asset Write-off for Small Businesses appeared first on Soul Finance Group.