Blog
With spring in the air many of us will be looking to have a spring in our step!
And to do that will be considering our health and fitness abilities! 
Yes a Checkup!
A check of our health and fitness to see how ‘equipped’ we are to undertake regular exercise.
Now, apply this thinking to our life interests, and ask, how many of us take the time to review the financial health of our Business!
Makes sense to check the health ‘status’ of our Business on a regular basis as it can help to identify the early warning signs that our/your Business may be in trouble. And it is easier to deal with problems sooner rather than larger ones later.
When was the last time you did a Business ‘Health’ checkup?
To help get started, it’s knowing what to look for, the early warning signs your Business could be ‘unwell’, in trouble!
Below we highlight, 5 Checkup Early Warning Signs and offer Steps to Solutions, tips on how to improve the situation. 
5 Checkup Early Warning Signs are:
- Changes in customer behaviour
- Poor cashflow
- Not keeping compliance obligations
- Weakening financial position
- Lost passion.
If you identify with any of these warning signs here are our solutions:
- establishing the context
- identifying the risks
- analyse and evaluate the risks
- treat or manage the risks
- monitor and review
- communication and consultation
- record outcomes
- Different types of Businesses require different policies to protect company assets and to protect against legal liabilities.
- Some Insurances are compulsory.
- Working from home, ensure you have the necessary insurance cover. Check with your insurer if this affects your home insurance policy.
Employees working from home may be able to claim a deduction for expenses incurred relating to their work. To guide you the ATO provides information on their website, https://www.ato.gov.au/
Confused?!
Have questions, contact us, at Blackburn Accounting, we are your taxation specialist.
What's Claimable- What's Not!
Firstly, to claim your working from home expenses you must be eligible, i.e.:
- be working from home to fulfil your employment duties, not just carrying out minimal tasks like, occasionally taking calls or checking emails.
- incur additional expenses as a result of working from home
You can claim a deduction for the additional running expenses you have as a result of working from home.
These expenses relate to the use of facilities within your home, such as:
- Internet expenses
- phone expenses
- electricity expenses for lighting, heating and cooling
In limited circumstances, you may be entitled to claim occupancy expenses. See details at the ATO website.
Expenses you can't claim:
It's that time of the year to spring-clean and get your 'house', Business in order.
Submit your taxes, prepare your annual Budget and review your Business Plan.
Time also, to check and understand your Business requirements and Insurance policies.
Here is our 6 Point Checklist to help.
1. Review all your Insurance policies and check policy inclusions and exclusions
2.Has anything changed? Have you bought new equipment or vehicles, expanded your premises, signed a new lease, disposed of any assets or hired subcontractors?
Your Accounting Partner
Your Management Accounting Partner
Your Expansion Engineer
Your Special Projects Partner