What home office expenses am I allowed to claim now I’m working from home?

If you work part of all of your job from home, you may be able to claim a deduction for the costs incurred in running your home office in your next Tax Return. Even if the room is not set aside solely for work-related purposes.  Since the outbreak of Coronavirus in Australia, the Australian Tax Office (ATO), has announced unique rules to make it easier for people to claim deductions…  Read more

Public holidays and paying stood down employees

It’s stated pretty clearly on the Fairwork Australia website, “Employees that are stood down remain employed during the period of the stand down.” This means employees who are stood down by their employer under the Fair Work Act are entitled to be paid for public holidays that occur during the stand down period. This is applicable only if the public holiday falls on a day the employee would have usually…  Read more

Avoid These 5 Costly Accounting Mistakes

A Canadian bank recently surveyed over 500 small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated task. Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to…  Read more