ATO’s Next Move Is To Send E-mails For Work From Home Deductions
ATO’s Next Move Is To Send E-mails For Work From Home Deductions
Since COVID-19, a lot of us got used to working from home.
But now, with more people heading back to the office or working part-time from home, the big question is:
Can we still claim those work-from-home deductions on our taxes?
Well, the good new is that ATO (that’s the Australian Taxation Office) has cleared things up for us. You can still claim those deductions, even if you’re only working from home occasionally.
Basically, there are two methods to claim these deductions:
Fixed Rate Method: You can claim a set amount for every hour you work from home. This covers things like your electricity and internet.
Actual Cost Method: You can claim the actual costs of your work-related expenses, but this one requires more detailed records.
However, for more clearance, the ATO will be sending out emails with all the info you need to keep good records and be ready for tax time.
If you’re working from home, even for a few days a month, it’s smart to start tracking your expenses now so you’re all set for next year.
But remember, these emails won’t go to businesses that claim home-based expenses. This info is just for those of us who work from home.
So, stay on top of things, keep those records, and make sure you get all the deductions you’re entitled to when tax time comes around!
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