Taxes just got simpler for WFH Aussies
The Australian Taxation Office has made it easier for locked-down workers to claim deductions for working from home.
You can now claim a rate of 80 cents per hour for all your running expenses, rather than needing to calculate costs for specific running expenses.
To use this shortcut method, all you need to do is keep a record of the hours you worked from home as evidence of your claim.
This new shortcut applies only to expenses incurred from 1 March 2020 – earlier expenses must be calculated using the old working-from-home formula.
Legitimate expenses may include power, phone, internet, stationery and the decline in value of computers and furniture.
As taxation legislation is complex, I recommend you speak with your tax advisor, financial advisor or contact the ATO for further details and guidance regarding your personal circumstances.
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