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A taxpayer who carries on part or all their business or employment activities at home may be entitled to a deduction for part of their outgoings related to working from home.
There are two ways to calculate a work from home deduction:
Fixed rate method
From 1 July 2022, the revised fixed rate method allows individuals to claim running expenses incurred as a result of working from home at
67 cents per hour (PCG 2023/1). The revised rate accounts for energy (electricity and gas), phone, internet, stationery and consumable
expenses. Also, a taxpayer is no longer required to maintain a dedicated workspace at their home.
To claim the fixed cost method, taxpayers must keep a record of:
A separate deduction may be claimed for any depreciating assets (not included in the rate per hour), like office furniture or
technology.
Actual cost method
The actual cost method allows you to claim a deduction for the actual expenses incurred as a result of working from home.
To claim the actual cost method, taxpayers must keep a record of:
Contact us
Please get in touch with your WDF team member today on 6921 5444, should you require assistance with collating the necessary information or preparing draft calculations to claim your work from home expenses.
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WDF Accounting and Advisory | Accountants Wagga | Your partners in business
Providing carefully tailored accounting solutions in business advisory, tax compliance, bookkeeping, Self-Managed Super funds, and more.
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