A Yodlee upgrade that’s happening soon means you need to update your bank feeds that use Yodlee by 17 August 2021. If you don’t, your bank transactions will stop importing into Xero automatically.

How to update:

1. Log in to Xero
2. Click ‘Accounting’ in the top menu bar, then click ‘Bank accounts’
3. Click the ‘Update bank connection’ button to get started

Once you update, your transactions will continue to flow into Xero.

Click here to find more detailed update instructions.

For further information please contact your Harris Black team member.

To claim work from home deductions, you can use either the Fixed rate method or the Shortcut method.

Fixed rate method

You must have a dedicated work area such as a home office (not the kitchen table)
You can claim 52 cents per hour you worked from home which includes depreciation on home office furniture, electricity and cleaning your home office
You can also claim phone, data, internet, stationery, consumables and depreciation on your computer or laptop

Shortcut method

You can work anywhere in your house (including the kitchen table) and you don’t need a dedicated work area
You can claim 80 cents per hour you worked from home which includes depreciation on home office furniture, electricity and cleaning your home office as well as phone, data, internet, stationery, consumables and depreciation on your computer or laptop

Example

Bob works from home 40 hours per week.  He keeps track of his phone and internet use for the month of July.  Bob works out that 60% of his phone use is work related and 70% of his internet use is also work related.

Fixed rate method

40 hours per week x 52 cents x 48 weeks = $998.40
60% of his $120 phone bill x 12 months = $864.00
70% of his $100 internet bill x 12 months = $840.00
Bob’s total work from home claim = $2,702.40

Shortcut method

40 hours per week x 80 cents x 48 weeks = $1,536.00
No phone or internet can be claimed as it’s included in the 80 cents = $0.00 Bob’s total work from home claim = $1,536.00