According to Accounting Bookkeeping Service: There are only a few days left in the tax year to take advantage of new personal and company incentives designed to assist taxpayers in navigating a difficult year marked by COVID-19, bushfires, and financial uncertainty.
The Australian Revenue Office, on the other hand, claims to be focusing on pandemic and Accounting Bookkeeping Service, superfund data, and even calling businesses to double-check employment claims
Australian Tax Law
The ACCC understands that many businesses are struggling to manage product and service cancellations, delays, and suspensions. As a first step, we advise businesses to contact customers as soon as possible to tell them how they are handling specific problems.
Companies should remain aware of their obligations under the Australian Tax Law, which include not misleading customers, particularly about their rights under their terms and conditions; not acting unethically while interacting with customers, and not relying on unfair provisions in standard form contracts with customers.
Information of Accountant and Bookkeeping Services
The Consumer section offers information on Accountant and Bookkeeping Services. Small businesses are frequently referred to as customers, particularly when dealing with large organizations. Have you missed the filing date for your tax return? You’re not alone, a huge proportion of Aussies miss the October 31 deadline every year.
Don’t be concerned if you’re a year or more behind schedule. You can placate the ATO by doing a few things, but don’t spend your time. The greater the penalty, which may be hundreds of dollars, the longer you wait.
Do you Struggle to Keep up With your Bookkeeping?
We are here to help you. Bookkept is a team of qualified accountants and business consultants who can handle all of your accounting and consulting needs, allowing you to concentrate on what you do best, running your business
COVID and Home Based Employment
Some businesses and individuals may continue to work from home depending on their circumstances. This article offers general tips to help businesses and individuals manage health and safety risks when working from home. Working from home might be a realistic alternative dependent on the business and the resources available for remote and secure work from home.
This year, the ATO has made working from home claims simple, which is wonderful news for people who aren’t tax specialists.” During the coronavirus outbreak, the ATO used a temporary shortcut method of calculating additional running expenses, allowing those who work from home to claim a rate of 80 cents per work hour.
Do you Require Assistance with Your Bookkeeping?
Bookkept is a reputable accounting and bookkeeping firm in Australia. Individual tax returns are completed at a low cost and in a timely manner. Flat rate for home-based labor on a regular basis
The tax advantage that made it easier to declare work-from-home expenses is due to expire, but there are growing calls to maintain the standard in place.
Under the temporary COVID-19 deduction shortcut, people could claim a flat rate of 80 cents per hour working from home, which covered all extra expenses like internet and power.
Nevertheless, the deduction is set to expire this fiscal year.
Claiming the True Tax Costs
Although the hourly rate is set at 52 cents, it only covers the additional costs of heating, cooling, lighting, and furniture depreciation. To claim the 52 cents per hour, all you need is a notepad with the start and end times, as well as any breaks.
This rate differs from the temporary 80-cent rate in that you can claim the job-related share of expenses such as home internet, cell phone bills, and other costs directly relevant to your business, such as stationery and printer ink. Individuals who work from home can also claim actual expenditures.
How Calculate Percentage of your Home Costs?
You may then compute the percentage of your home costs that are related to work and apply that percentage to the real amount that you spend on items like your power bill, gas bill, water bill, phone bill, and internet bill, among other things. You will still be responsible for tracking the number of hours you work from home and establishing the percentage of your home that is dedicated to functioning as a workplace.
Cleaning expenses, depreciation of home office furniture and fittings, and repair costs for home office equipment, furniture, and furnishings are all things that could be claimed here.
Cost of Furniture or Computer Equipment
If a minor capital asset, such as furniture or computer equipment, costs less than $300, the full purchase price can be deducted immediately as a tax deduction. (There is no need for depreciation). He further emphasized that, while this would normally result in a larger claim than flat rates, the paperwork and computations would be significantly more onerous if done in this manner.
Read More: BAS Services in Australia