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- Different types of Businesses require different policies to protect company assets and to protect against legal liabilities.
- Some Insurances are compulsory.
- Working from home, ensure you have the necessary insurance cover. Check with your insurer if this affects your home insurance policy.
Employees working from home may be able to claim a deduction for expenses incurred relating to their work. To guide you the ATO provides information on their website, https://www.ato.gov.au/
Confused?!
Have questions, contact us, at Blackburn Accounting, we are your taxation specialist.
What's Claimable- What's Not!
Firstly, to claim your working from home expenses you must be eligible, i.e.:
- be working from home to fulfil your employment duties, not just carrying out minimal tasks like, occasionally taking calls or checking emails.
- incur additional expenses as a result of working from home
You can claim a deduction for the additional running expenses you have as a result of working from home.
These expenses relate to the use of facilities within your home, such as:
- Internet expenses
- phone expenses
- electricity expenses for lighting, heating and cooling
In limited circumstances, you may be entitled to claim occupancy expenses. See details at the ATO website.
Expenses you can't claim:
It's that time of the year to spring-clean and get your 'house', Business in order.
Submit your taxes, prepare your annual Budget and review your Business Plan.
Time also, to check and understand your Business requirements and Insurance policies.
Here is our 6 Point Checklist to help.
1. Review all your Insurance policies and check policy inclusions and exclusions
2.Has anything changed? Have you bought new equipment or vehicles, expanded your premises, signed a new lease, disposed of any assets or hired subcontractors?
Protecting your Business is about minimising your exposure to potential risks. It's your responsibility to identify risks in your Business and decide which ones to insure against. Here are a few important considerations you need to take into account.
This category covers the loss, damage or theft of your Business assets or income, resources you can't afford to lose. In these challenging times insurance is one way of safeguarding against the unexpected.
Here are some essential items to cover:
- equipment breakdown
- Business interruption
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