| 02 9982 2466

Running an effective home office Part 2

Invest in a fast Internet connection if you’re working from home full-time. Once you get used to fast service and being constantly connected to the Internet, it makes email communication and finding information much easier.

When you work from home, area you’ll quickly deal with is which expenses are deductible as business expenses and which are not.

Most normal business expenses that you would incur whether or not you were working from home: postage, office supplies, advertising, wages are all treated the same way as any other business. You can deduct those expenses as part of your regular deductions for the cost of doing business.

However, you have an additional tax savings option on your home office if you qualify, the home office deduction, enabling you to deduct a portion of the cost of your house or apartment used exclusively for business. Be careful! There are many things to consider before taking a home office deduction, including the fact that it is closely examined by the tax office.

Posted on 12 September '12 by , under Business.

Leave a Comment

You must be logged in to post a comment.

Join Our Mailing List!

Subscribe to our mailing list to receive all the latest financial newsletter updates as well as information on important dates on our business calendar.

Recent Updates

Firm News

Transition to retirement

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

  • Starting a TTR pension: To start your TTR pension, transfer some of your super to an account-based pension. You have to keep some money in your super account so that you can continue to receive your employer's compulsory contributions as well as any voluntary contributions you may be making.
  • Government benefits and TTR: The benefits you or your partner receive might be impacted if you choose to opt for this strategy. How and what exactly will change might become clearer upon discussing this with a Financial Information Service (FIS) officer.
  • Life insurance and TTR: In some cases, the life insurance cover you have with your super may stop or reduce if you start a TTR pension – check this before making any decisions or changes.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.

Business Calender