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21.01.2022 TAX STRATEGY 13 HOME OFFICE DEDUCTION Did you work from home during COVID? If so, this post is for you.... The ATO introduced a temporary shortcut method for calculating a deduction for working from home of 80c per each hour worked from 1 March - 30 June. As such, this year there are 3 ways to calculate your home office deduction: 80c /hour (includes ALL costs) 52c /hour + phone, internet, stationery, decline in value Actual work-related portion of all costs In order to use the all inclusive 80c/hour method you need to have kept a record of the hours you worked from home. This method includes all your running costs, such as electricity and gas, and also all other costs, such as phone, internet, stationery and decline in value on home office equipment. The shortcut method may be tempting due to it’s simplicity, yet may not necessarily provide the best tax outcome for everyone. Contact us in 0411320889 to discuss the best option for you.

18.01.2022 TAX STRATEGY 15 WRITE OFF BAD DEBTS Today is the day .... for you to review your Accounts Receivable and write off any amounts that you no longer expect to receive. There is no need to pay tax on income that will never come in.... Viola!This brings the 2020 Tax Planning Series to an end. I hope that you found it useful and implemented some of the recommendations. If you have any questions, as usual, please reach out. Yours, VK x

14.01.2022 TAX STRATEGY 12 PREPAY EXPENSES If you are a business, with a turnover of $10 million or less, consider prepaying your expenses BEFORE 30 June to boost your tax deductions and effectively pay less tax.... You can claim an outright deduction if: the prepayment is for a period of 12 months of less or the prepayment is less than $1000. Some of the expenses that you could consider paying upfront are rent, interest, insurance, software, subscriptions, accounting fees, training seminars etc.

13.01.2022 , & Today I want to talk to you . Entropy is a thermodynamic law of physics. One of the fundamental concepts of chemistry and one of the laws of our universe. It is the natural tendency of all orderly things to eventually become random and disordered.... When left to its own devices, life will always become less structured. Sand castles get washed away. Campfire becomes ash. Weeds take over gardens. This is all because universe naturally slides towards disorder. So how can we fight against the pull of entropy? How do we solve the scattered puzzle and become proactive rather than reactive? Anything that goes against the law of nature requires effort, so it’s up to you to drive your energy to create simplicity, structure and stability into your day/ life/ business/ team. Define what is most important to you on daily basis and fill your day with high priority actions that will inspire you, otherwise your day will be filled with low priority actions that don’t. Create an agenda for each day to maintain your focus on what truly matters with intention. We all know that if we are really really busy and have an intense agenda, it’s easy to say no to people who are opportunists and take up your time with distractions. Now let’s kick some goals!!

12.01.2022 Have you heard? If you haven’t already, subscribe to our newsletter via website optimize.net.au to make sure you have all the latest updates delivered straight to your inbox

05.01.2022 TAX STRATEGY 14 OBSOLETE STOCK If you are holding obsolete or damaged stock, consider scrapping it before 30 June. Review your stock on hand and it’s value and write off obsolete goods to maximize your deductions. ... P.S. - This concept also applies to any capital items that you may have recorded on your asset register. If it’s no good to you, it’s no good on your balance sheet!