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phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

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The Retirement Prosperity Guide™

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If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Claiming tax when working from home

Posted on Oct 5, 2018 by CFL Financial

The ATO is seeking to increase their attention on home office expenses due to the high level of questionable claims made by taxpayers. There has been an increase in the number of Australians claiming deductions for costs incurred from working from home.

The ATO reports that in the last tax year 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, including expenses relating to working from home.

The main mistakes stem from individuals claiming the whole instead of the work-related portion of expenses for bills related to phone, internet, printing and stationery.

The ATO has identified that a separate work area will incur work-related expenses eligible for tax deductions as opposed to answering some emails at a kitchen bench. The ATO has also recommended recording expenses in case of an audit or if the ATO contacts your employer to confirm your claim.

To ensure you do not suffer non-compliance penalties, the ATO recommends you follow the three golden rules for taxpayers working from home. One- you must have spent the money yourself and not been reimbursed, two- the claim must be directly related to earning your income, and three- you need a record to prove it.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 15, 10 Market Street,
Brisbane,
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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