Working from home due to COVID March to July? You may have increased claims this tax time.
You can the new ‘shortcut method’ or other well know existing methods to maximise your claim.
Using the ‘shortcut’ you can claim a deduction of 80 cents per hour (usually 52 cents) during this time but you need to make there were true employment duties and not just carrying out a few odd things related to work.
The shortcut method covers all additional deductible running expenses, including electricity, and gas, phone and internet, cleaning, office consumables and supplies like printer ink and stationery, and, the reduction in value and repair of things like office furniture and computers etc
Whats the best method?
It does get quite complex but well worth the effort to get right, so book a time to meet here with your Accountants Direct tax professional.
Stephen is the CEO of Accountants Direct and is a Professional Director, ASIC Agent, Startup Advisor & Investor & Capital Raising Specialist.
Contact Stephen or his team if you have any questions about this post or any business matter in general.