Covid-19 pandemic has wrecked havoc not just as a virus but also as a disaster for the economy. Because of the shutdowns and restrictions imposed by the government, large numbers of businesses and individuals have lost their means of livelihood. Lots of people and businesses have been forced to work from home. Government has initiated programs to help such people and business entities so that they can manage their basic financial needs.
Digital technology to take your business online
In a time when shutdowns and restrictions are not allowing businesses to open their stores, going online is the best option for many businesses. Australian Small Business Advisory Services (ASBAS) provides digital solutions to businesses so that they can go online and survive in the face of Covid-19 pandemic.
They will help you in:
- Setting up your online store in the form of a website
- Giving advice on selling and buying online
- In marketing your products on the web
- Understanding how to use social media to take your products to the masses
- Using software for online business
- Keeping your online business safe and secure
Tax deductions you can claim for WFH arrangement
Working from home is not easy for any business. There are not just challenges but also many expenses involved when working from home. Government has allowed tax deductions on all these unique expenses that a business has to incur when it decides to work from home. You can adjust your expenses from 1 March 2020 to 30 June 2020 in FY 2019-20 and expenses form 1 July 2020 to 30 September 2020 in FY 2020-21.
Requirements for deductions
- Expenses must have been incurred
- These expenses should be in relation to your business
- There must be evidence in support of expenses
Please keep in mind that you cannot claim deductions for expenses for which you have been reimbursed by your employer.
Expenses that can be included in tax deductions
- Electricity expenses for illumination and heating/cooling of the area
- Expenses incurred on cleaning the area, including the furniture
- Expenditure on communication like phone bills and internet connection
- Expenses on supplies such as printer ink, paper
- You can claim full cost of appliances and equipment used for business activities for up to $300
Tools and resource to set up business at home
There is a wide range of tools and resources that you will need to communicate with your employees and clients after setting up your business at home. Australian Business Continuity in association with Australian Information Industry Association makes available tools and technologies to such businesses so that they can manage their workforce and collaborate and communicate with their clients through video conferencing.
Above mentioned are only some of the many government grants available for work from home businesses. To find more information about such grants and their eligibility criteria, please speak to one of our advisors at the number mentioned below.