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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.

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What to consider when consolidating your super

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

  • Exit fees
  • Insurance policies
  • Investment options
  • Ongoing service fees
  • Performance of the funds

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

  • Your tax file number.
  • Proof of identity. This could include your driver's license, birth certificate or passport.
  • Your fund's superannuation product identification number (SPIN).
  • Your fund's unique superannuation identifier (USI).
  • Details of your previous fund.

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