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Here’s how to start investing

Posted on March 18, 2021 by admin

There are a lot of options when it comes to investing, but often people are daunted by the prospect. A lack of accessible information, misconceptions about investment opportunities and fear of losing money are often reasons people opt out of investing.

Investing can be as easy as a savings account separate from the account that is used for spending, in which a percentage of monthly income can go into. If there are adequate funds, consider investing in real estate for passive income. With real estate values growing over time, on top of earning rental income during ownership, there will be an opportunity to sell later on at a higher price.

Diversifying investment portfolios can seem overwhelming, but all that it takes is putting money into multiple investment avenues. This can be in shares or managed funds with a financial advisor, investments with different rates of return, or in startups or cryptocurrency.

These avenues of investment can still be a lot to take in for individuals, so financial advisors are always a good option for those looking for a little more of an expert opinion on the issue.

https://www.entrepreneur.com/article/341491

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No More Shortcuts: The Methods You Can Use To Claim WFH Expenses

Posted on March 25, 2024 by admin

Ensure you’re up to date on how to claim your working-from-home expenses!

As the business landscape shifts back and forth between office, hybrid and home-based work opportunities, it’s important to remember what methods are available to you when it comes to claiming. If part of your role allows you to work from home, you may be able to claim certain expenses on your tax return this year using one of the following methods.

The Revised Fixed Rate Method:

Under the revised fixed rate method, individuals can claim 67 cents per hour worked from home during the relevant income year. This rate includes additional running expenses, such as home and mobile internet or data, phone usage, and electricity and gas for heating, cooling, and lighting. Importantly, using this method, you cannot claim separate deductions for these expenses.

To use this method, taxpayers must maintain records of the total number of hours worked from home and the expenses incurred while working at home. Additionally, they must keep records of expenses not covered by the fixed rate per work hour, demonstrating the work-related portion of those expenses.

What Records Do You Need?

Previously, taxpayers required a dedicated workspace at home. From 1st March 2023 onwards, the record-keeping requirement has shifted again, necessitating the recording of all hours worked from home as they occur.

How Does The Fixed Rate Method Work?

To utilise the revised fixed rate method:

The Actual Cost Method:

Alternatively, taxpayers can opt for the actual cost method, where deductions are calculated based on actual additional expenses incurred while working from home. This includes expenses for depreciating assets, energy expenses, phone and internet, stationery, computer consumables, and cleaning dedicated home offices.

What Records Do You Need?

To claim work-from-home expenses using actual costs, you must maintain records showing:

How Does The Actual Cost Method Work?

To claim actual expenses:

Australians need to understand their entitlements and tax deductions while working remotely.

Consulting with a tax advisor can provide valuable insights into available concessions, deductions, and offsets for your tax return.

By staying informed and adhering to ATO guidelines, taxpayers can ensure compliance and make the most of available deductions in the evolving landscape of remote work. Why not start a conversation with us today?

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