|
In the lead-up to tax time, it is helpful to start looking at your expenses and finding out what you can claim.
If you’ve been working from home, there are two ways to calculate your deduction:
1. The fixed rate method allows you to claim 67 cents for every hour worked at home. You must have clear records of the total number of hours worked from home, any additional running expenses incurred and any depreciating assets.
2. The actual cost method works out your deduction by calculating the actual additional expenses you incur when working from home. You must have clear records of the hours worked from home, any additional running expenses and how you calculated the deduction.
Running expenses can include phone, internet and electricity bills, cleaning costs, stationery and consumables.
#accountant #tax #business
|
