28th March 2023 | Business
If you operate your business from home, you may be able to claim some of your expenses, including occupancy expenses (such as mortgage interest, rent, council rates, and home insurance premiums) and running costs (such as electricity, gas, phone, internet, stationery, and cleaning).
The temporary shortcut method ended on June 30, 2022, and the fixed-rate method has been revised. For the 2022-23 income year, the adjusted fixed rate is 67 cents per hour. You no longer need a dedicated home office space or to work out the business-use portion of the phone, internet, gas, and electricity separately. You can also claim the decline in value of depreciating assets and equipment separately, including any repairs and maintenance costs.
If you want to use the revised fixed rate method, record all hours worked from home for the entire income year, either on a timesheet, roster, or diary. If you haven’t kept a record of all hours worked from home, you can use a representative record of your hours from July 1, 2022, to February 28, 2023.
Your business structure can affect the method you can use and the expenses you can claim.
If you would like assistance please contact us on 03 99975 7261
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