Finance News

How to claim your working from home expenses

Posted on Wednesday, June 17, 2020
Tax time will look a bit different for small businesses this year, but there are some important tips to remember as we approach the end of the financial year. Of particular importance this year for employees, will be making sure you have your working from home expenses right, with this the single biggest change for most businesses in the past 12 months. There are a couple of ways of looking at this, and which way you decide go could make a big difference to your tax return. The ‘short cut method’ is to claim 80c an hour for the hours you have worked from home, to cover costs like electricity and internet. This approach could see employees claim around $700 from the pandemic period, but it could also actually mean you end up paying more tax, so it is worth putting in the extra effort to get this part of your tax claim right. What I would be doing right now if you work in a small business, would be going to your employer with a logbook of the expenses incurred during your time working fr ... Read the rest of entry »

Some clarity on the government's intentions from Sen. Michaelia Cash

Posted on Wednesday, June 10, 2020
This week I had a chance to chat with the federal Minister for Small and Family Business, Senator Michaelia Cash. With so much government intervention in the economy, the fast-approaching end of financial year, as well as keeping our businesses running smoothly, it was a great chance to get some clarity on a few things.   The first was an announcement from the federal government this week that the $150,000 instant asset write-off scheme has been extended until the end of the calendar year, allowing more time for businesses to make big-ticket purchases.   This means that businesses looking to make a prominent purchase, such as a work ute, or a piece of equipment that couldn’t be delivered by June 30, now have an extra six months to install it or get it up and running.   That’s a boost for business at a hectic time, and I think it will help a lot of businesses make decisions for their future that they may have otherwise put off.   Many businesses may also not have th ... Read the rest of entry »

EOFY is approaching - things to think about in the time of COVID

Posted on Wednesday, June 10, 2020
  With everything that’s happened this year it’s hard to believe that we’re in June already, and that means one thing: the end of financial year is approaching.   So it’s now time to start finalising your finances and plans from this year and set yourself up for the next one. And with so much already happening in the business world with Job Keeper and other government assistance packages, it is crucial you make the most of this time.   An important scheme to remember for any small business is the $10,000 grant that the Victorian and New South Wales governments are offering for businesses affected by the corona virus.   The ATO tells me this money is GST and tax free, so it’s an amazing opportunity for your business. Be smart with what you spend it on and use it to grow and invest in your business. In particular, look at things in your business that you have put off due to the crisis, or consider how you want your business to run in the next 12 months. ... Read the rest of entry »

Managing cashflow as the covid crisis eases

Posted on Thursday, May 28, 2020
For a lot of businesses, cash flow is very seasonal. You find a way through the lean months of the year in the knowledge that things will improve, and you capitalise on the stronger earnings when you get them.   That’s exactly how businesses should be approaching the current economic climate.   Earnings projections that you may have had back in January can be thrown out the window for most businesses, and as the government stimulus starts to roll in it is about making the most of your current cashflow, and being well prepared to come out of this well set for a post-COVID world.   But you need to be realistic as well. Don’t expect the same earnings that you got last year, and don’t expect that things will be back to normal for some time.   We already know that the government stimulus is designed to help out for a six-month period, so we know there will be more change coming in October when those JobKeeper payments cease.   The key to survival will be patienc ... Read the rest of entry »

Covid has taken us closer to cashless

Posted on Thursday, May 21, 2020
It used to be said that cash is king, but as we begin to plan for a post-Covid world, I say it’s time for a re-think.   Of the measures that businesses have put in place as social distancing came into play, the one that will endure will be contactless payment.   Tap-and-go has been around for a while now, but more than ever it has become an essential way of doing business.   We’ve already seen in the past six weeks that the PIN-less limit for tap-and-go has increased from $100 to $200, and I believe that could increase further to $500 or $1000 in the next six months as we move towards a cashless society.   That’s my number one tip if you are going to be going back into business: rely on the fact that tap-and-go is here to stay.   We have also seen numbers from the Australian Retail Association and Australia Post that show people are far more comfortable with online shopping and using click and collect to purchase their goods, than they were previously. ... Read the rest of entry »

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