• I've just started up my own business as a sole trader: what do I need to know about tax?

    Starting up as a sole trader changes the way you report income and pay your taxes. We can make sure that you're ready for the transition, no matter which industry you're from.

    Book a consultation
  • Need accounting software advice and support?

    Our extensive expertise in all aspects of accounting software means you can concentrate on what you do best – running your business. We are accredited Xero specialists and have been MYOB, Intuit and Reckon Partners for many years.

    Learn more about Our Services
  • We want to start our own business: how do we set up the company?

    At PBA Financial Group we specialise in the setting up of start-up and new businesses. We'll set up a solid foundation for your new business so that you can hit the ground running!

    Learn more about Our Services
  • I've always done my own tax returns without the help of an accountant

    More often than not, people who do their own tax returns will miss out on valuable deductions simply because they didn't know what they were entitled to claim, or they incorrectly claim expenses.

    Are you sure your tax return is as accurate as it could be?

    Book an appointment

Latest News

Home Office Claims 2020

The coronavirus lockdown has meant many taxpayers are working from home for the first time.  A special shortcut method just introduced means there are three methods to claim in the 2020 income tax return.

 

Shortcut method for work-space

  • Claim 80¢ per hour worked at home after 1st March 2020 per taxpayer.  A reliable daily time record is needed – has that been kept?
     

Fixed method for home office

  • Claim 52¢ per hour for utilities, plus a percentage of phone, internet, stationery, consumables and depreciation of office equipment costing more than $300.

 

Actual method for home office

  • Claim a percentage of all expenses including electricity, gas, cleaning, phone, internet, stationery, consumables, and depreciation of office equipment costing more than $300.

 

A four week diary establishes a fair percentage for the work pattern.

As always, the taxpayer needs reliable records.  Keeping receipts is fundamental. 

Taking a photo of your home office or work-space with date and time on computer screen is simple, yet effective.  Just keep private or personal information out of view.

If in doubt, ask your accountant.  And pay before year-end some of those July expenses to claim in the earlier year.

 

 

AcctWeb