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The ATO website provides full details on working-from-home eligibility.
ATO has announced that from July 1 the short-cut method introduced during the COVID pandemic will no longer be available.
The changes will see stricter record keeping requirements and change to the rate per hour.
Under the new system taxpayers working from home
- can claim a fixed rate of 67c an hour and includes expenses such as phone and internet, stationery and electricity use and computer consumables
- those claiming that rate will need to keep records for costs included in the fixed rate
- records should be kept as they occur
- the start date for this more stringent record keeping is 1 March
There are no changes for taxpayers who were claiming work-from-home deductions using the ‘actual cost’ method.
‘Keeping records is vital the ATO spokesperson said. He also added 'to claim working from home expenses, you must be working from home to fulfil your employment duties and you must incur additional expenses as a result of working from home.’ He reminded taxpayers ‘they can’t claim for things like coffee, tea, milk and other general household items, even if your employer may provide these kinds of things for you at work.’
Small Business will need to act now if they are to beat the deadline!
What does it mean?
From July 1, the current scheme ends and it will be a return to the previous more onerous depreciation rules.
Why the change?
The Federal Government is not extending the relief measures it introduced during the pandemic. This offered temporary full expensing as part of its support package for all businesses regardless of size. The change means an end to both these popular initiatives, that encouraged owners to invest in their businesses.
What to do?
Speak with Blackburn Accounting we will provide professional advice. Depreciation is complex with many variables, such as knowing what and when to depreciate, deduct this year to reduce your tax bill can depend on if you are doing it tough or not. The scheme rules also require if you want to access the instant write-off you must have the asset installed and ready for use by 30th June to be eligible to claim it.
In all aspects of our lives, personal, career, Business or community, relationships, healthy relationships are the cornerstone of happiness and success and finding our fulfillment.
It therefore makes sense that being more ‘connected’ with our ‘self’ makes us better equipped to engage and connect and build healthy relationships with family, friends and colleagues. If we are happy with our ‘self’ we are more likely to feel good about reaching out and connecting positively with others.
What Makes Relationships So Important to us
From the time of birth, we are wired to connect with others for our emotional needs and it follows that building healthy connections and relationships is paramount throughout our life’s journey.
In a business environment, building healthy relationships is essential to achieving business success. It is now widely recognised that our ‘soft’ people skills such as empathy, compassion, honesty and accountability that are the basis to developing creditability and trust with our teams and sectors. These skills form the emotional connection.
The Why, the Benefits of Healthy Relationships
People who have healthy relationships are more likely to feel happier and more satisfied with their lives. Healthy relationships can also help increase our sense of worth and belonging, helping us feel less alone. These positive feelings also contribute to better mental and physical health well-being.
How to foster and strengthen relationships
A healthy relationship is one where both people are connected and respected. That doesn’t mean there might not be disagreements or challenges but there is a commitment to work through issues, rather than ignoring them.
Developing healthy relationships are fostered by getting to know the other person, building rapport by actively listening, and giving them your time, understanding and attention. These are the building blocks for a strong and solid foundation in any setting, personal or career.
The Takeaway message
In all aspects of our lives, making connections, building and nurturing healthy relationships is an essential part of finding a fulfilling life.
5 Easy Steps to Building a Healthy Relationship with your Team, Clients and Business networks
Step 1: Meet with your Team on a regular basis. Actively engaging is essential to build strong trusting relationships. Share the Vision in a way that your Team see themselves as contributing to the outcomes and success.
Step 2: Make time if needed. Your time is valuable but avoid being unavailable.
The benefits of retaining, keeping your ‘good’ existing staff are numerous! Such as, saving the cost of recruitment expenses, disruption to the workplace and productivity thus creating a more cohesive team e
nvironment.
Looking after your staff makes for happy employees. Happy staff are usually more productive and creative, and less likely to leave, so it makes sense to adopt robust retainment strategies.
Read on to discover our 6 Top Tips on How to Keep your ‘Good’ existing staff
Tip 1: Value your Team. Show you care for them by treating them as individuals. Get to know them to better understand them and visa versa. Reward and recognise their contribution and effort towards achieving the Business goals. Let them know they matter and foster loyalty. Loyalty can't be bought.
Tip 2: Foster healthy relationships. Develop meaningful relationships built on trust, respect and honesty. Lead and support your Team, encouraging open lines of communication to build rapport and understanding. Listen and hear what they say, and act as needed.
Tip 3: Build a positive workplace. Make it a place people want to be part of. Adopt best practice in all areas, and include social events for networking opportunities. Acknowledge differences and diversity as a strength to creating a healthy workplace culture.
If you have answered yes to the above questions keep reading, we have strategies to help you.
We all know the importance of carefully managing your finances to stabilise your Business, so it goes without saying that carefully managing debt is paramount to survival.
In essence controlling debt, effectively managing it is crucial for small Business.
Most of us have a financial business strategy that needs to be carefully managed in order to benefit your Business. But if neglected or mismanaged debt can destroy you and your Business. In the current economic environment of inflationary pressures and rising prices now more than ever managing debt is essential for Business survival. If you are feeling worried or overwhelmed, seek professional financial help if needed, debt problems don’t usually go away or solve themselves. Don’t wait until your Business is in a financial crisis!
Contact us now, Blackburn Accounting we can help you manage your cashflow and get on top of debt.
8 Effective Debt Management strategies to guide you.
Strategy 1: Review and Prioritise your Debts. Gather relevant details, you need to know who is owed what and when is it due and importantly how to pay them. Your liabilities can include
- ATO obligations – GST, Income tax
- Super obligations
- Loan repayments and overdrafts
- Suppliers
Strategy 2: Revisit, Rework your Budget. Your budget should identify all income sources, fixed costs and variable expenses. With careful examination you might find areas for savings, or trimmings. This is a critical exercise to get the full factual picture.
Strategy 3: Cashflow Management. Managing Cashflow is tracking and knowing what's coming in from revenue and what's going out for expenses. Managing this flow is vital for any Business and is the lifeline for small enterprises. And there are effective ways to better manage and keep on top of this.
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