3 tips for businesses shopping for tech at the end of the financial year

With the financial year coming to an end, Theory of Invention founder Val Quinn (also known as The Gadget Guy and Sunrise‘s tech correspondent) shares some key tips for small businesses looking to stock up on new tech.

If you’re looking to upgrade technology for your business, now’s a good time. Not only can you nab some great deals on devices, software and accessories, but you can also take advantage of income-tax reducing incentives. Here’s what you need to know as you shop around going from FY22 to FY23.

1. Claim on your business tech with the Instant Asset Write-off Scheme

You may already know about the Instant Asset Write-off Scheme, but some rules change from year to year. For FY2022, eligible businesses can claim an immediate deduction on the business portion of the cost of an asset. This can include technology purchases, such as computers, laptops, storage, screens, accessories and more.

This year, the write-off applies to one or more assets, with a limit of $150K per asset. Keep in mind that this threshold can vary depending on when the asset was first put into use, such as in previous tax years. For more information about if your businesses is eligible, along with current temporary tax depreciation incentives, hop over to the ATO’s website.

2. Upgrade your hardware for your changing work requirements

There are many substantial benefits to upgrading your business’s technology, so it’s not just about buying shiny new equipment for its own sake.

First, new hardware brings better performance, security, and reliability. Your staff will spend less time waiting for apps to load and processes to complete, they’ll suffer fewer crashes, enjoy longer battery life, and most importantly, your tech will have a more robust and secure foundation.

Windows 11, for example, is only available on computers released since October 2011. These devices need special hardware such as a chip with the Trusted Program Module, which encrypts your data so it doesn’t get into the wrong hands. Also, without this hardware, Windows 11 machines would not be able to provide secure boot and virtualisation-based security (VBS) features.

Look for tech, like Dell’s PowerEdge servers, that are built to address the growing demands of security and flexibility in business. Image: Dell.

Another benefit to modern computers is improved collaboration and remote-working capabilities. This means sharper cameras and microphones that reduce background noise, along with powerful hardware able to run processor intensive video conferencing software. Zoom, for example, can bring older technology to its knees, especially when running alongside office productivity software. Also, modern Windows 11 machines will benefit from integrated Microsoft Teams, which is a popular foundation for many hybrid working setups.

Lastly, new hardware comes with support for the latest technical standards, such as faster Wi-Fi 6 connectivity or high-speed USB-C and Thunderbolt connectors. This means that you can transfer larger files across the network or to external hard drives in considerably less time. Thunderbolt makes it easy to connect to one or more ultra-high resolution 4K monitors at the same time, delivering more screen real-estate and productivity benefits.

3. Shop smart during the EOFY sales

Shopping the End of Financial Year sales is a fantastic way to score some huge savings as retailers clear out older ranges for new stock. The sales usually kick off around June 1, however some retailers will jump the gun so keep a lookout for deals towards the end of May. Also, it’s worth checking in on prices over the entire month, as prices can drop even further.

While there will be a lot of tech to choose from, keep in mind that the same online safety practices should apply. Buy from trusted brands and websites only, and make sure that you thoroughly review warranty and returns policies. Dell, for example, is a widely trusted brand with an amazing range of products, and should definitely be on your hit-list for the EOFY sales. There are great deals available for products like XPS laptops, PowerEdge servers and plenty of monitors, keyboards and other accessories.

Also, keep in mind that the Instant Asset Write Off Scheme is great for more than just computers, so consider upgrading peripherals like keyboards and mice, top up your external storage with a new NAS or improve your network with a Wi-Fi 6 router or MESH system. You could also spruce up your work from home setup with a new display, noise-cancelling headphones, a new desk, chair and more.

So, with these tips in mind, now is the time to take advantage of upgrading your tech for the new financial year, and to set your business up for growth and success in the months ahead.

Want new tech to power your business productivity? Check out Dell’s EOFY sales for great deals.

This article is brought to you by Kochie’s Business Builders in partnership with Dell.

Feature image: Kochie’s Business Builders

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