Glance Consultants

• Preparation & Lodgement of Annual Taxation Returns
• Management & Financial Reporting
• Strategic Business Advice & Planning
• Due Diligence Process – Purchase of Business
• Cashflow Management, Forecasting and Budgeting expertise
• Taxation Advice & Planning
• Formation of Self-Managed Superannuation Funds including all required registrations
• Financial Statements and Returns including the preparation of Annual Accounts, Member’s Statements, Income Tax and Regulatory Returns
• Self-Managed Superannuation Fund Audits
• Self-Managed Superannuation Funds (“SMSFs”)
• Solicitors’ Trust accounts/External Examination for Lawyers
• Real Estate Agents’ Trust accounts
• Xero Accounting Software Integration
• Bank account and credit card reconciliations
• End to end Financial Planning
• Residential, Personal and Business Finance

Tax deductions for the 2022- 2023 financial year – working from home

6 Tips for Your Small Business in 2023

Glance Consultants provided us with invaluable guidance in setting up our unit trust and corporate trustee We also use their expertise on an ongoing basis for both our business and individual accounting needs Kavi and the team are always ready to answer our questions We have no hesitation in recommending their services

Just wanted to mention how happy I was with your service Thank you very much for your quick turnaround and a very healthy return, appreciate that you made it so simple and painless Highly recommend to anyone else who is interested in getting their tax done

The record-keeping requirements and methods for calculating working-from-home deductions have changed for the 2022–23 income year onwards You need to be aware of these changes to keep the appropriate records for your 2023 Tax Return

As a rule of thumb, it’s important to make sure you have evidence to support your deduction claims

• Records of all the hours you work at home
• Receipts for all depreciating assets or equipment you use when you work at home
• Records of your personal and work-related use of assets

The ATO has recently released a finalised tax guidance (16 February) for claiming tax deductions for working from home below They have confirmed the new revised fixed rate of 67 cents per hour but with stricter record-keeping requirements

From 1 July 2022, the ATO has explained that taxpayers who are working from home can claim deductions based on their actual expenses (actual cost method), or they can adopt a revised fixed rate method that uses a rate of 67 cents per hour

To use the revised fixed rate method, you must meet the following basic conditions:

• You must be working from home while carrying out your employment duties or carrying on your business on or after 1 July 2022;