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Stay up-to-date with the latest changes in home office deductions for 2023 and learn how to optimize your tax return when working from home.
To claim home office deductions in 2023, you must genuinely work from home, not just perform minimal or incidental tasks. This means having a dedicated work area and spending a significant amount of time working from home.
Starting from 1 March 2023, you are required to have a diary note for every hour you work from home. Before this date, a one-month record was acceptable as a template to claim deductions.
The Fixed Rate Method has been updated for 2023, with a new rate of 67 cents per hour. This rate covers the following expenses:
The Actual Cost Method, based on the size of your home office and actual usage, is expected to be a popular choice in 2023. This method allows you to claim expenses by calculating the work-related portion of each cost. Accurate record-keeping is essential for this method. Click here to view the ATO Summary Guide.
Keeping a diary is crucial for claiming home office deductions. Click here to get a free electronic work-from-home diary, or navigate to the Knowledge Centre and Checklists sections.
Staying informed about the latest tax regulations and maintaining accurate records will help you maximize your home office deductions. Don't miss out on potential tax savings and ensure you're compliant with the requirements by following these tax tips and leveraging the resources provided by R J Sanderson Accountants.
This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.