October Newsletter Update

October Newsletter Update

Working from home: What deductions can you claim?

For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses. We guide you through what you can and can’t claim if you work from home.

Last financial year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’ which includes expenses for working from home. While the ATO appreciates that technology has led to more people working from home and greater flexibility, they don’t believe that all of the claims being made are legitimate. Take the example of the school principal who claimed $2,400 for electricity and phone expenses incurred during the year.

Inside the October Newsletter you will find articles on:

Working out the work-related portion of your expenses
What can you claim?
What home office expenses can be claimed?
Reminder on cents per km car expenses rate
New immediate deduction for primary producers
Confusion reigns over Superannuation transfer balance cap

Click here to read the full October Newsletter

Newsletter Signup

Sign up to the Maxum newsletter for up-to-date advice and strategies for growing your personal and business finances.

  • This field is for validation purposes and should be left unchanged.