A recent survey conducted on Australian small business owners has revealed that around 60 per cent are planning to take advantage of the federal government's recent changes to immediate asset deduction.
Announced in May as part of the 2015 federal budget, it allows businesses to deduct the full amount for equipment and other assets worth less than $20,000.
According to the survey, 10 per cent of small business owners have already made a purchase under the scheme in a bid to reduce stress that 52 per cent of Australian business owners face during tax time.
In addition to the government's latest scheme, there is more good news for small businesses during the end of financial year (EOFY) rush.
The survey, which was commissioned by cloud accounting company Xero suggests that new technology in bookkeeping could be making life easier for business owners.
65 per cent of owners said that EOFY was particularly stressful due to time constraints when trying to complete small business tax obligations, with 26 per cent wanting to spend the time developing other aspects of their business.
55 per cent of respondents using cloud accounting software believe said that they don't lose sleep during EOFY, compared with 39 per cent of respondents who use manual paper-based systems.
In addition, 10 per cent of owners using cloud accounting software spend more than five hours a month doing their taxes, compared to 30 per cent who use spreadsheets.
Xero Australia managing director Chris Ridd believes that switching to new technology could help small businesses to thrive.
“There is no doubt that the end of financial year creates added stress for small business owners.
But the data also shows us that savvy business owners who switch from paper, spreadsheets, or desktop software to the cloud are able to significantly reduce admin and paperwork. This lets them focus their time, energy, and passion on what they love doing — building a great business.”