It’s not just accountants who get very busy at the end of the financial year. Over the last few weeks of the financial year, things get pretty hectic here at MGIB too. Of course, that’s just the way we like it.

You see, we encourage all our business clients to set a timer for June 30 as a reminder to review their insurance policies.

It’s a smart thing to do on an annual basis but this year, there’s a few extra reasons why we’re suggesting you call your MGIB broker for a catch-up.

1. From July 1, under changes announced in the 2016/17 Federal Budget, an additional 60,000 Australian Businesses will now be re-classified as ‘Small’ businesses and be able to enjoy additional associated deductions as a result.

Previously, small businesses were categorised as those with an annual turnover of less than $2 million but from July 1, 2016, the cut-off has been raised to those businesses with a turnover of less than $10 million.

2. Businesses which fit into that ‘Small’ category by having a turnover of between $2 million and $10 million are now also eligible for an instant tax deduction on business purchases up to the value of $20,000. Smaller companies have enjoyed this benefit since last year.

The offer expires on June 30, 2017 so it’s a great time to update or upgrade your equipment.

3. Businesses looking to take advantage of the above opportunity should discuss the insurance implications with their broker and update their policies accordingly. Don’t forget to let us know if anything else in your business has changed over the past 12 months. This will ensure you have the correct level of cover in place.

Best wishes for a rewarding new financial year ahead. We look forward to seeing you at a review meeting soon.