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Tips To Help You Get Ahead This End of Financial Year

Tips To Help You Get Ahead This End of Financial Year

Posted by Team Recompute on 12th May 2023

The 2023 end of financial year (EOFY) is fast approaching. By simply planning ahead, you can find yourself in a better position come tax time.  

If you don't have a computer and are looking for a new one, Refurbished Computers can be a great option. Here are some reasons why buying refurbished tech during this period makes sense:

1. You Save twice.

You save on price rather than spending on new products. It will also be an expense that you may be able to claim on your tax return.

2. You get a warranty and have the option to extend the warranty too.

3. You are buying durable business grade computers and laptops that will serve you longer than most basic retail models. Your cash goes further by saving on the cost and acquiring machines that are generally more durable. 

What is EOFY?

EOFY is the period leading to 30 June when businesses and individuals approach the end of their fiscal year for reporting purposes. Income or expenses realised during the financial year from 1 July to 30 June are taken into account when their tax return is lodged with the Australian Tax Office (ATO). The month leading up to the end of this period is commonly referred to as the end of financial year and normally causes a rush for individuals and businesses to spend.

How do I prepare for EOFY?

You need to keep track of all your receipts, invoices and other documentation related to your business throughout the financial year. This will help you when it comes time to prepare your tax return. You can use a spreadsheet or accounting software to check track.

Our Simple Checklist for buying your next computer

1. What do you need the computer for? If you're usually working with documents, emails or spreadsheets you don't need something overly powerful. You won’t be able to notice the extra power for the work you are doing. Save the money and be ahead. If you use your computer for graphics or video editing, then you'll need something more powerful with better specs.

2. How much storage space do you need? The average laptop has about 256 GB of storage space these days, but if you have a lot of files and music, that might not be enough. If so, go for 1 TB or 2 TB instead of 256 GB so that you won't run out of space in a few years' time! If you store most of your files on the cloud like most of us do these days then a 256GB SSD is ample.

3. Do you want a touchscreen? Touchscreens are great for browsing the internet and using apps like YouTube or Netflix because they make things easier and more intuitive — but they can be expensive! If it's not a necessity for what you do on your computer, then save yourself some extra money by going without one. The benefit of choosing a refurbished unit means that you do not need to go without. Generally find touch screen business grade laptops for under $600 and get the best of both worlds.

As mentioned, there are many reasons why you should consider buying a refurbished computer during this end of financial year sale. It can be a better financial decision. Additionally, you may be able to claim a tax deduction almost straight away, as the end of financial year is near.

Our refurbished computer are fully tested, meticulously refurbished and repackaged for sale at a fraction of the cost. Save up to 70% off compared to the similar brand new that has superseded the refurbished models!

ReThink the way you buy tech this end of financial year Australia.