As the end of the financial year (EOFY) approaches, businesses seek ways to maximise their tax benefits. One often overlooked opportunity is using the remainder of a businesses marketing budget to print any marketing collateral that may need to be refreshed or, running low in stock.
Not only can printing marketing collateral help businesses promote their products or services, but it can also provide significant tax benefits come tax time.
By printing marketing collateral before EOFY, businesses can reduce their taxable income, which can lower their tax liability. This blog post will explore the tax benefits of printing marketing collateral before the end of financial year and highlight some essential items businesses may consider printing.
Reduce Taxable Income
Printing marketing collateral can help businesses reduce their taxable income, resulting in lower tax liability. By using the remainder of the marketing budget to print marketing collateral, businesses can reduce their assessable income, which is the payment subject to tax. This strategy can benefit companies with a good financial year and want to minimise their tax liability.
For example, suppose a business has earned $200,000 in assessable income during the financial year and has $10,000 remaining in its marketing budget. The business can use the remaining $10,000 to print marketing collateral for their business, such as business stationery for all employees, new or updated brochures or catalogues, or any training materials they may need. By reducing its assessable income by $10,000, the business can lower its tax liability by thousands of dollars.
Pre-pay for next financial year
Another way businesses can use this strategy to their advantage is by pre-paying for marketing collateral for the next financial year. Companies can further reduce their assessable income by pre-paying for marketing collateral before EOFY, resulting in lower tax liability. For instance, a business can pre-pay for the printing of flyers, posters, or training material for the next financial year and claim an immediate tax deduction.
Printing marketing collateral before EOFY can help businesses reduce their assessable income and lower their tax liability. This strategy allows companies to use any remaining marketing budget and manage their tax obligations effectively.
Businesses should speak with a tax expert or accountant to ensure they claim the appropriate deductions and allowances to take full advantage of these tax advantages.
Additionally, businesses should keep accurate records of all expenses related to printing their marketing collateral to support their tax claims
Suggestions of what you could print
Most businesses use business stationery on a day-to-day basis, whether it be Business Cards, Letterheads, Envelopes, With Compliments Slips or Presentation Folders.
These items are not only handy to have, but also serve your business as marketing tools that consistently paint your business in a
Continually check to see if your business stationery still reflects the way you see your business, and if not, talk to one of MBE’s design experts to give them a refresh.
Catalogues are a great way of showing your customers exactly what your business’ products and services are, but not so much if they are out of date.
Updating and reprinting your catalogues before the end of financial year will ensure your customers will be correctly informed about what your business offers, as well as maximising any tax benefits you could gain at
If they are up to date, but stock is running low, now is the perfect time to stock up.
Your marketing materials are another way to get your message across to your customers.
Professionally designed and printed marketing material ensures your brand and core message are delivered to high standards and your message remains consistent.
Talk to your local MBE store today.
Even though a lot of instructional materials can be accessed online these days, printed manuals and workbooks still have their place.
MBE can produce manuals whichever way suits your business from perfectly bound or saddle-stitched instruction manuals, to ring or wire bound training manuals and workbooks for you next training session.
If you have a new or updated training session coming up soon, take advantage of printing your manuals before EOFY and get some tax savings at the same time.
Printing marketing collateral before EOFY is an intelligent way for businesses to improve their marketing efforts and save on taxes. By utilising the remainder of their marketing budget to print new collateral, businesses can claim immediate deductions and reduce their taxable income.
Take advantage of these tax benefits and improve your marketing efforts simultaneously! Print your marketing collateral before EOFY with MBE and see the difference it can make for your business.