Cloud Accounting
The Australian Taxation Office (ATO) has issued new guidelines to help you in making a claim for running expenses while working from home from 1 July 2022. Under this guidance, the ATO will allow you to make a claim of 67 cents per hour for time spent working from home. This claim is a simplified method which includes expenses for: energy expenses (electricity and/or gas) for lighting, heating/cooling and electronic items used while working from home internet expenses mobile and/or home telephone expenses, and stationery and computer consumables. This amount is different from the previous couple of years where an amount of 80 cents per hour was available if you were required to work from home due to COVID-19. However, under the revised fixed-rate method you can now make a separate claim for depreciation on furniture and equipment that you use when you work from home. In order to make this claim, you will need to keep a diary of the days you work from home. This can be backed up by evidence such as your timesheet or a roster. If you require any more information about calculating this deduction, please let us know and we will be happy to assist you further.
Adoption of digital and cloud based systems enable business owners to better mange their businesses by enabling tools that allow them to be more efficient and more easily measure every aspect of their businesses. In Australia the adoption of cloud accoutning systems such as Xero and MYOB and the many additonal business and process apps available to users contribute to this success.
Family businesses require specialist advise from accountant that have the necessary level of experience in dealing with the daily challenges that come with running and family business. Clarke McEwan Accountants provide practical advice that can be implemented into your business. Its about systems and managing so that the business doesnt run you, you run the business and enjoys the fruits of building a well run family business. Right from the start of our working relationship with clients we are looking at the exit plan and how to create an asset that not only provides a good lifestyle and provides for retirement but something that can run without you, provide an ongoing income stream and when you are ready be able to be sold at a great profit. Then comes our advice for you into the retirement stage and beyond. It is esential to have a fim that can work with you through all the stages of family business. Contact Clarke McEwan for a no obligation consultation to discuss your circumstances.