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Marketing habits to ditch in 2017

Ever-changing trends, increasing competition and changes in customer buying patterns are just a few reasons why business owners should review marketing efforts regularly.

Past marketing activities that were once successful can easily go out of date. There are always new marketing techniques to experiment with but first it is important to let go of the marketing activities that are holding your business back.

Here are three marketing habits to ditch in 2017:

Wasting time on certain social channels
Not all social media channels will deliver results. The reality is your target customers will most likely have a preference for certain channels over others. For example, Facebook and Instagram may be better-suited mediums than Twitter and Snapchat for real estate agents; however, fashion retailers may utilise Instagram and Snapchat. The key is to experiment with different social channels to gauge levels of interest and engagement from followers, then decide on which channels are best to primarily market your business.

Failing to update your goals
It is common for small business owners to use the same marketing plan they created years ago. This can be quite problemsome especially if marketing tactics are not accurately reflecting your business’ current goals. Take the time to review your marketing plan at least annually or when new opportunities and threats arise.

Ignoring mobile
Mobile has now surpassed desktop as the primary device for internet browsing. Website content and social media posts need to be optimised for mobile users to ensure optimal browsing experience. Businesses that fail to customise their online services for mobile will fall behind, as mobile users favour optimised sites.

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No More Shortcuts: The Methods You Can Use To Claim WFH Expenses

March 25, 2024

Ensure you’re up to date on how to claim your working-from-home expenses!

As the business landscape shifts back and forth between office, hybrid and home-based work opportunities, it’s important to remember what methods are available to you when it comes to claiming. If part of your role allows you to work from home, you may be able to claim certain expenses on your tax return this year using one of the following methods.

The Revised Fixed Rate Method:

Under the revised fixed rate method, individuals can claim 67 cents per hour worked from home during the relevant income year. This rate includes additional running expenses, such as home and mobile internet or data, phone usage, and electricity and gas for heating, cooling, and lighting. Importantly, using this method, you cannot claim separate deductions for these expenses.

To use this method, taxpayers must maintain records of the total number of hours worked from home and the expenses incurred while working at home. Additionally, they must keep records of expenses not covered by the fixed rate per work hour, demonstrating the work-related portion of those expenses.

What Records Do You Need?

Previously, taxpayers required a dedicated workspace at home. From 1st March 2023 onwards, the record-keeping requirement has shifted again, necessitating the recording of all hours worked from home as they occur.

How Does The Fixed Rate Method Work?

To utilise the revised fixed rate method:

The Actual Cost Method:

Alternatively, taxpayers can opt for the actual cost method, where deductions are calculated based on actual additional expenses incurred while working from home. This includes expenses for depreciating assets, energy expenses, phone and internet, stationery, computer consumables, and cleaning dedicated home offices.

What Records Do You Need?

To claim work-from-home expenses using actual costs, you must maintain records showing:

How Does The Actual Cost Method Work?

To claim actual expenses:

Australians need to understand their entitlements and tax deductions while working remotely.

Consulting with a tax advisor can provide valuable insights into available concessions, deductions, and offsets for your tax return.

By staying informed and adhering to ATO guidelines, taxpayers can ensure compliance and make the most of available deductions in the evolving landscape of remote work. Why not start a conversation with us today?