Safety costs often trigger concerns about their impact on business finances. However, this concern may overlook the potential financial benefits associated with safety investments.
Find out how prioritising safety can lead to substantial cost savings and even financial gains for your business.
Unlocking tax deductions for safety
Many business owners overlook the tax advantages associated with safety investments.
Contrary to popular belief, a significant portion of safety-related costs is fully tax deductible for Australian businesses.
According to Section 8.1 of the Income Tax Assessment Act 1997, any costs incurred in maintaining a safe workplace are considered legitimate business expenses. This includes costs related to emergency manuals, staff training, safety equipment, and professional consulting.
PRIORITISING SAFETY AND IMPROVE YOUR EFFICIENCY
Beyond tax deductions, prioritising safety can lead to noticeable improvements in operational efficiency.
A safe work environment minimises the risk of accidents, injuries, and disruptions - in return enhancing productivity and reducing downtime.
You can find out more ways to benefit by contacting Outsource Safety today via email inf@outsourcesafetyaus.com or phone 1300 776 469.
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