Life Interests Testamentary Trusts

WORKING FROM HOME? INFORMATION YOUR TAX AGENT NEEDS

Working from home has become more common following COVID. The costs that you incur as a result of working from home may be tax deductible as working from home expenses.

First you need to calculate (and document) the hours you work from home:

  • How many hours did you work per week?
  • How many weeks did you work during the year?

If you have further expenses these may also be work related deductions:

  • Phone (provide the cost and work %)
  • Internet (provide the cost and work %)
  • Additionally, any items purchased (monitors, chairs, other similar items) may be deductible.

Alternatively you may use the hourly rate provided by the ATO.

More information at: https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Working-from-home-expenses/

 

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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