A fiscal year is a 12-month period used for tax purposes. For Australians, the financial year ends on June 30, and the next financial year begins on July 1. From July 1 to October 31, individuals and businesses are required to submit tax returns to the Australian Taxation Office (ATO). The ATO also uses this form to determine how much you owe the government in taxes, or how much the government will refund the person/company if they have paid more tax than they owe.
As the Australian end of the financial year approaches, it’s essential for businesses to review their storage needs and ensure they have adequate safety storage solutions in place. Safety storage plays a crucial role in maintaining compliance with regulations, protecting employees and the environment, and safeguarding valuable assets.
Whether it’s storing hazardous materials, flammable liquids, or sensitive documents, having the right storage systems is paramount. This blog post is about the acquisition of safety storage solutions in time for the Australian end of financial year, covering safety considerations, tax benefits, and a seamless procurement process.
1. Ensure Your Team is Safe While at Work.
Before diving into the procurement process, it’s important to evaluate your specific storage requirements. Consider the types and quantities of materials you need to store, any specific compliance regulations you must adhere to, and the space available in your facility.
This assessment will help you determine the appropriate storage solutions to meet your needs. By topping up your safety storage, you prioritise the safety and well-being of your employees. Adequate storage solutions help prevent accidents, minimise the risk of fire and explosions, and protect against hazardous substance leaks or spills.
Adding to your safety storage inventory enables you to comply with stringent regulations and industry standards, ensuring that your workplace remains a safe environment for all.
2. Assists Your Team with EOFY Stocktake Activities.
Topping up your safety storage can greatly assist with EOFY stocktake activities. Conducting a stock take is a vital part of financial year-end procedures for businesses requiring safety storage equipment, for the following reasons:
Efficient Inventory Management.
With proper storage solutions in place, it makes it easy to organise and track your inventory during stock take. It reduces the time and effort required to assess and locate stock.
Having adequate safety storage reduces the risk of inaccuracies in your inventory records, which may include missing or damaged stock. Accurate inventory records are crucial for financial reporting and provide a solid foundation for decision-making regarding purchasing, sales forecasting, and overall business planning.
Compliance and Audit Readiness.
It is common for auditors to review the storage conditions of hazardous and/or regulated items. By maintaining compliance with industry safety storage standards, you show your commitment to responsible business practices.
Adequate and updated safety storage solutions help in ensuring that your business remains audit-ready, which facilitates a smooth and problem-free financial year-end audit process.
Identification of Your Storage Needs.
By conducting a stock take, you have the opportunity to assess your current storage capacity and identify possible gaps and/or limitations. If your existing safety storage is reaching its capacity, this signals the need to top up your storage solutions.
Proactively addressing storage needs helps prevent future inventory management challenges and ensures you have adequate space for growth.
3. Ability to Utilise Annual Budget Wisely.
The ability to utilise your annual budget wisely is a key consideration for any business as the end of the financial year approaches. Topping up your safety storage solutions align perfectly with this goal, allowing you to make the most of your budget allocation.
Just like any other equipment or infrastructure, safety storage solutions require periodic inspections and upkeep. By actively monitoring and budgeting these activities, you ensure that your safety storage solution remains compliant, functional, and reliable over time.
Allocating a portion of your annual budget to top up your safety storage, you also proactively can minimise potential costs associated with incidents, insurance claims, fines or legal liabilities.
4. Assists in Positively Affecting the Business’s or Department’s Tax Requirements.
Investing in additional safety storage solutions before the end of the financial year can have a positive impact on your business or department’s tax requirements.
Safety storage solutions are often eligible for tax deductions. Topping up your safety storage before the end of the financial year, makes it possible for you to claim for these deductions, thereby reducing your taxable income.
Tax Related Compliance and Benefits.
In some cases, safety storage solutions can be categorised as capital assets, which means you may be able to claim capital allowances for these investments. You can deduct a portion of capital asset acquisition from your taxable income over a specified period. When you invest in safety storage, you can take advantage of these allowances and reduce your tax liability.
There’s more, safety storage solutions are essential for regulatory compliance. Adhering to safety regulations and storing hazardous materials appropriately may lead to tax benefits and/or incentives.
Some jurisdictions do offer tax credits or reduced tax rates to businesses that demonstrate compliance with safety and environmental regulations. Maintaining accurate records of safety storage expenses and investments can provide valuable support during tax audits or assessments. Proper documentation and records demonstrate not only compliance, but it can substantiate any of your tax claims or deductions.
Wholesale Safety Storage Australia (WSSA)
WSSA is an authorised distributor of one of Australia’s leading health and safety equipment manufacturers. Based in Brisbane, we can offer delivery across Australia from any of our warehouses located in Brisbane, Melbourne, Sydney, and Perth.
We can deliver our products straight from production directly to your doorstep, giving us a great competitive advantage with our pricing model. WSSA offers products that follow strict Australian Safety Compliance Guidelines, built for Australian conditions, with a 100% guarantee.
Full terms and conditions, as well as a helpful guide to our shipping process, are available here.
To ensure your safety storage solution before the end of the financial year, we at WSSA would advise you to place your orders well in advance to not cause you unnecessary complications that can potentially impact your compliance.
This is the perfect time to fill your requirement for safety storage from WSSA. We offer customers free delivery on purchases over $750 to metro areas of Perth, Melbourne, Sydney, Adelaide, and Brisbane. You do need a forklift available to unload the delivery vehicle to fully enjoy free delivery.
Contact us early, so we can discuss delivery timelines, and to confirm we can meet your desired delivery timing requirements.
As the end of the financial year approaches, taking the opportunity to top up your safety storage can bring significant advantages to your business. From enhanced safety and regulatory compliance to future-proofing your operations, streamlining efficiency, and capitalising on EOFY deductions.
Don’t miss out on the benefits of acquiring WSSA Safety Storage solutions. Make the most of the EOFY and ensure the continued safety of your employees, maintain regulatory compliance, leverage tax advantages, and set the stage for a successful financial year ahead.