Sometimes we get stuck on the treadmill of being busy, leaving us exhausted and flat as we realise we are not achieving the goals we intrinsically believe in. Whilst achieving a great “life balance” is a well coined concept, how we manage to get this happening can be exhausting.
The Bike Of Life is a great little self-assessment to ascertain where your energy is going and where more attention can be directed.
All organizations understand the importance of having a strategic plan however, most don’t due to their leaders being time poor and finding the process overwhelming.
A simpler alternative is to carry out a strategic SWOT exercise. The outcomes of this process will help provide some direction for the organization and pinpoint the areas where you can focus your limited time and energy to deliver the biggest improvements in your business.
To claim work from home deductions, you can use either the Fixed rate method or the Shortcut method.
Fixed rate method
• You must have a dedicated work area such as a home office (not the kitchen table) • You can claim 52 cents per hour you worked from home which includes depreciation on home office furniture, electricity and cleaning your home office • You can also claim phone, data, internet, stationery, consumables and depreciation on your computer or laptop
• You can work anywhere in your house (including the kitchen table) and you don’t need a dedicated work area • You can claim 80 cents per hour you worked from home which includes depreciation on home office furniture, electricity and cleaning your home office as well as phone, data, internet, stationery, consumables and depreciation on your computer or laptop
Bob works from home 40 hours per week. He keeps track of his phone and internet use for the month of July. Bob works out that 60% of his phone use is work related and 70% of his internet use is also work related.
Fixed rate method
40 hours per week x 52 cents x 48 weeks = $998.40 60% of his $120 phone bill x 12 months = $864.00 70% of his $100 internet bill x 12 months = $840.00 Bob’s total work from home claim = $2,702.40
40 hours per week x 80 cents x 48 weeks = $1,536.00 No phone or internet can be claimed as it’s included in the 80 cents = $0.00 Bob’s total work from home claim = $1,536.00
If you are an employer, you should currently be reporting your employees’ payroll information through Single Touch Payroll (STP), unless you only have closely held payees or a deferral or exemption covers you. However, as of 1 July 2021, there will be changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers.
As an employer of closely held payees (such as family members or a family business, directors or shareholders of a company), from 1 July 2021, you will need to report those payees through Single Touch Payroll software like any other employee. You will be allowed to choose when to report each payday, per month or by quarter.
From 1 July 2021, specific eligibility requirements will need to be met for micro employers to access the STP quarterly reporting concessions. These concessions will now include the requirement for exceptional circumstances to exist. In this case, micro employers refer to employers who have anywhere from 0 to between 1 and 4 employees for most of the year and then increase their workforce for less than three months of a financial year.
These concessions can be applied for through the ATO’s online deferral tool from 1 July 2021. Be advised, however, that employers who have not started reporting through Single Touch Payroll without a deferral or exemption could be liable for severe consequences.
For further information please talk to your Harris Black team member.
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Today’s financial environment demands a regular review of strategy and a focus on execution.