New Home Office Tax Deductions & Claims
There are three ways that you can choose to calculate your additional running expenses for the 1 March – 30 June period:
1) Claim a rate of 80 cents per work hour for all additional running expenses.
2) Claim a rate of 52 cents per work hour for heating, cooling, lighting, cleaning and the decline in value of office furniture, plus calculate the work-related portion of your phone and internet expenses, computer consumables, stationery and the decline in value of a computer, laptop or similar device.
3) Claim the actual work-related portion of all your running expenses, which you need to calculate on a reasonable basis.
The ATO is also reminding people that the three golden rules for deductions still apply. Taxpayers must have spent the money themselves and not have been reimbursed, the claim must be directly related to earning income, and there must be a record to substantiate the claim.
