Welcome to the AH Jackson & Co newsletter
At AH Jackson & Co, we believe in doing everything we can to help people achieve their business and personal goals. Whether it’s through better taxation and accounting, audit and assurance, business advisory, or superannuation services, or if you are just starting up a new business and need advice on how to set everything up to achieve your vision, we are here to help.
We are passionate about helping people with their business and we strive to provide all of our clients with timely and considered advice. As a part of our efforts, we decided to create a newsletter to help keep you up-to-date with changes and developments in the world of business, taxation and superannuation, and with what’s happening at AH Jackson & Co.
We understand you are busy, so we will aim to fill it with useful information on a quarterly basis and hope you find the contents interesting. If you would rather not receive this newsletter, just hit the unsubscribe button in the footer of this email.
If you have any questions about our newsletter or anything to do with your taxation affairs, we’re here to help and would love to hear from you.
Ben, Emmanuel and Leo.
Single touch payroll is coming
Significant changes to the way small businesses report salary and wages, taxation and superannuation contributions to the Australian Tax Office are set to take effect on 1 July 2019.
AH Jackson & Co partner Ben Odgers said the new single touch payroll system allowed for direct reporting of information to the ATO when a business pays its employees and is designed to streamline the reporting process.
“All small businesses need to take action before 1 July to ensure they are compliant with the new ATO single touch payroll system and procedures,” Ben said.
“The system was implemented for large businesses with 20 or more employees on 1 July 2018 and now it’s time for small businesses to come online as well.”
Ben said AH Jackson & Co is able to advise all businesses, small and large, on how the best solution to comply with the single touch payroll system
“The single touch payroll system is mandatory, so the earlier you get it implemented into your business, the better,” he said.
“It’s important to remember that doing nothing is not an option.
“If you need help or advice on implementing the single touch payroll system in your business, we are here to help make the transition as smoothly as possible.”
For more information, feel free to call us or go to www.ato.gov.au/STP.
Working from home: What deductions can you claim?
A lot of people do some sort of work from home. It might be simply answering emails on the couch or working from home a few days a week. If you do work from home, you might be wondering what you can claim come tax time.
AH Jackson & Co partner Emmanuel Georga said understanding what you are entitled to claim can often be confusing and, if you get it wrong, can lead to complications should you be subject to an audit from the tax office.
“Working from home entitles you to claim a range of expenses, but there are a number of rules around what is eligible and in what proportions,” Emmanuel said.
“For example, working from home entitles you to claim running and occupancy expenses.
“When it comes to running expenses, if you have a dedicated work area such as a study set aside for work, the essentials to keep the work area running like electricity, cleaning and office equipment can be claimed as an expense.
“Of course, any claim for these expenses can only be for the work-related portion of the expense.
“When it comes to occupancy expenses such as rent, interest on your home loan, property insurance, land taxes and rates, these can only be claimed if your home is your ‘place of business’ and no other work location has been provided to you,” he said.
“If you are unsure what you can claim, feel free to give your tax agent a call and ask. It’s better to be safe than sorry.”