The Inside Look February

Recently the Pursuit leadership team met with our business coach, to check in on how we were going with our projects for the 2021 financial year – and to review our longer-term strategic objectives.

And in that meeting, we were each asked to nominate a theme for how we want to be/act for this next 12 months. For me, taking on the role of CEO in the organisation – my theme was simple;

LEAD

Why am I telling you this?

Because I want to ask what is your theme for 2021?

I am not asking what your New Year’s Resolution is (which always starts strong, but quickly fades away) but what is the theme that shows the direction you are heading. This can be business, personal or both – and if you get it right – you will have a baseline to go back to when making decisions all year.

So – I challenge you to come up with a theme that suits what you want to achieve for the year.

For those of you who may choose ‘lead’ as your theme, I want to share with you the attached video – where my favourite motivational speaker Simon Sinek, talks about one of the most important qualities of a leader – empathy.

ATO Extends Working From Home Shortcut


Australian business owners and employees will have access to the shortcut method for claiming working from home tax deductions until the end of this financial year.
The Australian Taxation Office introduced the simplified method for claiming deductions in April, as the COVID-19 pandemic forcing most Australian employees to shift to working remotely.
The method allows taxpayers to claim a flat rate of 80 cents per hour for all running expenses while they work from home, instead of calculating costs for specific running expenses.

In October, the ATO extended the use of the shortcut method until the end of December 2020, and a further extension has now been applied, until June 30, 2021 with the possibility of a further extension “depending on when work patterns return to normal”.

As it stands, the shortcut method can be used to calculate working from home expenses for the following time periods:

March 1 to June 30, 2020, for 2019-20 tax returns; and
July 1 to June 30, 2021, for 2020-21 tax returns.
Individuals can use the shortcut method for claims relating to phone and internet expenses, the decline in value of equipment and furniture, and costs associated with electricity and gas for heating, cooling and lighting.

Individuals do not need to have a dedicated home office to make claims using this method, and multiple people living in the same home can all make individual claims using the 80-cents-per-hour rule. Individuals only need to keep a record of the hours they’ve worked at home for the for the relevant time period. However, it is still recommended to keep receipts in case you later need to combine claiming methods.

More information about calculating working from home deductions please visit the ATO website.

Important Dates To Remember

Every financial year there are important dates to remember for your business. These key tax dates are in relation to lodgement of compulsory information to the Australian Taxation Office. For your business to remain ATO compliant we recommend you mark your calendar so your business financial reporting does not fall behind.

Upcoming Dates – Mark Your Calendar

DatesObligations
21 Feb 2021Monthly BAS due for December 2020 (for business clients with up to $10 million turnover who report GST monthly and lodge electronically)
Monthly BAS due for January
28 Feb 2021Quarterly BAS due
21 March 2021Monthly BAS due

Important Dates For ATO Compliance

The Pursuit Advisers team are often asked questions about due dates therefore below is a list that includes generic lodgement dates for;

  • Superannuation contribution due dates,
  • Quarterly BAS Statement due dates
  • Monthly BAS / IAS Statement due dates

If you have questions about due dates for your business, superannuation fund or trust, contact us for more information.

Superannuation Contribution Due Dates

For the periodDue date
July to September28 October
October to December28 February
January to March28 April
April to June28 July

Quarterly Business Activity Statement Due Dates

For the periodDue date
July to September28 October
October to December28 February
January to March28 April
April to June28 July

Monthly Business Activity Statement /
Installment Activity Statement Due Dates

For the periodDue date
February21 March
March21 April
April21 May
May21 June
June21 July
July21 August
August21 September
September21 October
October21 November
November21 December
December21 January

ARE YOU BEHIND IN YOUR LODGEMENTS?

We can negotiate with the ATO on your behalf so touch base today with the Pursuit Advisers team to get your ATO compliance back on track.

OARBED Model Mindset Tool 

Here is a snippet of some of the quality content from our January webinar on ‘Reclaiming Your Time’, hosted by Director Stu Kendall and CEO EA, Jaymie Salce, (please feel free to click the link to watch the full playback).

Keep up to date with all things business and personal development, via our webinars that run on the last Wednesday of every month – registration links are sent via our socials and mailing list. 

Christmas Donation Results

We want to sincerely thank all of you who took the time to complete our Christmas Donation Survey.

As you know, we asked for your assistance in the allocation of our $2000 donation and here are the results:
 

$1060 Baw Baw Food Relief
$600 Mindfull Aus
$340 Fight MND 


From all of us here at Pursuit Advisers, thanks again for your support.