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What we can learn from ‘introverted’ people

Posted on February 7, 2019 by admin

Most of us fall somewhere in between the introvert-extrovert spectrum but our concept of a great leader often looks to someone who exudes characteristics we often associate with ‘extroverts’ – including being charismatic, confident, and courageous. While these traits are indeed admirable and can be essential to motivate and drive your team, recent research surprisingly suggests ‘introverts’ tend to be better CEOs. In light of this research, we look at some often overlooked traits to expand your concept of great business leadership.

Taking the time to be introspective:
Ensure you don’t underestimate the value of taking the time to self-reflect on certain issues, looking inward for inspiration and judiciously asking in-depth questions to better understand your organisation.

Forming and maintaining deeper connections:
In the age of Linkedin and the increase of networking events, growing your professional network is often a focus of many business professionals. When taking into consideration the notion that humans can only maintain about 150 stable relationships at any given time (Dunbar’s Number), you can consider the value of holding more small-scale events or arranging more one-on-one engagements to better utilise your professional network.

Identifying and accommodating for ‘introverted’ behaviour in the workplace:
While it often ‘takes one to know one’, it doesn’t take much effort to recognise and accommodate introverted behaviour. An effective leader takes advice from all people in the room – not just the ones who happen to speak out. For example, it doesn’t hurt to give a little heads up on issues that are going to be addressed at a meeting. This is so all employees, including ‘introverts’, have the time to process their thinking and prepare talking points.

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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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