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Sub-trusts ‘redundant’ under final Div 7A ruling
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Tax Office homing in property deductions, SMSFs warned
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ATO adds indebted sole traders to credit referrals
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State and Federal Covid support --- Aug 2022
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NALI ‘a special problem for SMSFs’
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Census 2021 Data
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Write a business plan
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Tax time guide offers path through 100A
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Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
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ATO zeroes in on work expenses, crypto investments
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Inflation will force a third of businesses to raise prices
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Year-end tax planning
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World GDP Ranking (1960~2025)
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100A ruling ‘turns tax avoidance logic on its head’
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Company directors must register - all you need to know
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Be alert for phoenix activity, businesses told
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Equifax signs data agreement with ATO
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Largest cities in the world 1500 to 2100
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Last chance to claim the loss carry-back
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Changes to recovery loan scheme for small and medium enterprises
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About the cash flow forecasting template
Article archive
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Quarter 3 of, 2020 archive
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September update of latest COVID-19 initiatives.
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ATO JobKeeper 2.0 guidance surfaces
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Expats Return to Australia – Travel Expenses
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Profession to be relied on for post-JobKeeper turnover certificates
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Update of Superannuation contribution rules from July 1, 2020
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Expats & COVID-19 Impacts on tax residency
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Economic recovery could be slower than anticipated: RBA
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High Court rules in favour of employers on personal leave accruals
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JobKeeper Phase 2 - Latest Update
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Payroll Tax 2020 concessions and JobKeeper
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High alert issued over myGov tax time scam
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Extended director penalty regime to catch out ‘zombie companies’
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SG amnesty deadline - 7 September
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‘Hundreds’ to be contacted in ATO early super compliance blitz
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90,000 SMEs to benefit from new JobTrainer program
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Work Related expenses – 2020
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‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
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Extra Tools & Resources for our clients.
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Year End Tax Deductions – “equipment”
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Home Office Claims 2020
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Early release of super sees ‘high take-up’
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Tax time 2020: ATO homes in on rental deduction claims
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ATO announces Div 7A COVID-19 assistance
Home Office Claims 2020

The coronavirus lockdown has meant many taxpayers are working from home for the first time.  A special shortcut method just introduced means there are three methods to claim in the 2020 income tax return.

       

Shortcut method for work-space

  • Claim 80¢ per hour worked at home after 1st March 2020 per taxpayer.  A reliable daily time record is needed – has that been kept?
     

Fixed method for home office

  • Claim 52¢ per hour for utilities, plus a percentage of phone, internet, stationery, consumables and depreciation of office equipment costing more than $300.

 

Actual method for home office

  • Claim a percentage of all expenses including electricity, gas, cleaning, phone, internet, stationery, consumables, and depreciation of office equipment costing more than $300.

 

A four week diary establishes a fair percentage for the work pattern.

As always, the taxpayer needs reliable records.  Keeping receipts is fundamental. 

Taking a photo of your home office or work-space with date and time on computer screen is simple, yet effective.  Just keep private or personal information out of view.

If in doubt, ask your accountant.  And pay before year-end some of those July expenses to claim in the earlier year.

 

 

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