With more taxpayers working from home, you are no doubt aware that you can claim a fixed rate tax deduction of 67c per hour. Unlike previous years this fixed rate amount includes the additional running expenses you incur, such as;
- Home and mobile internet expenses
- Home and mobile phone usage expenses
- Electricity and gas for heating, cooling and lighting
- Stationery and computer consumables such as printer ink or paper
Please ensure that you do not claim the 67c per hour and the above running expenses, as you may be subject to an audit for double dipping on your deductions.
To ensure that you do not have any problems substantiating your hours, please be aware of the following changes to your record-keeping requirements.
- Up until 28 February 2023, you need to keep a ‘representative record’ of the total hours worked from home during the period 1 July 2022 to 28 February 2023, however.
- From March 2023, you need to keep a record of the total number of ‘actual hours’ you worked from home. This could take the form of a daily diary or daily timesheets.
Should you require further information in relation to your taxation and working-from-home expenses, please feel free to contact Peter Quinn by submitting an enquiry or calling us on +61 2 9580 9166 to book an obligation-free appointment.