Keep records when working from home

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blog details: If you are continuing to work from home during the 2021–22 income year, please keep a record of the hours you work from home and keep receipts for all items purchased. When you keep appropriate records now, it will allow you to use the method that will give you the best outcome when calculating your working from home deduction in future years. Regardless of which method is used to calculate working from home expenses, the important thing is to continue to keep records of: the hours you work from home all receipts, including evidence of assets purchased as well as any other work-related items, like paper and ink. If you worked from home in 2020–21, you may be able to claim a deduction using one of three methods: Temporary shortcut method – which is an all-inclusive rate of 80 cents per work hour. If you use the shortcut method, you can’t claim any other working from home expenses, including decline in value of office furniture and equipment. Fixed rate method – which allows taxpayers to claim 52 cents per work hour instead of recording all their actual expenses for heating, cooling, lighting, cleaning and the decline in value of furniture. You must have a dedicated work area, like a home office, that they use when they work from home. Actual cost method – this method allows taxpayers to claim the actual work-related portion of all your running expenses, which need to be calculated on a reasonable basis. Remember, we are here to help you with your tax. Contact us on 0481 953 556 or email us at to find out more.

keywords: Pro Tax Accountancy

member since: Dec 29, 2021 | Viewed: 194

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