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EOFY: TAX DEDUCTIONS FOR HOME OFFICE EXPENSES

Lots of Australians are now working from home due to COVID-19. Good to know, that the Australian Taxation Office (ATO) has made it easier to claim some of your “working from home’’ expenses on tax. 

The main question still is, what can be claimed on tax. Here are some ideas:

  1. Energy costs (% of lighting, heating, cooling)
  2. Work-related phone and Internet use. Even headset can be claimed on tax.
  3. Home office equipment: For equipment such as office desks, computers, printers and phones, you can claim for the full cost (for items valued up to $300) or you can claim for the decline in value (for items costing $300 or more).
  4. The cost of repairs: This includes the cost of repairs to any home office furniture or fittings.
  5. Cleaning expenses: If you can show cleaning expenses directly related to the office space.

Please note, you are eligible to claim 80 cents per hour for each hour you work from home during the period 1 March to 30 June 2020.

More information from ATO: https://www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/home-office-expenses/?fbclid=IwAR3NnIYoZl_mZ0igLyvpdINLDTwTyFTTDwAg4g_OdEtY6KEZetVGuHfbN50

Richwise Australia http://www.richwise.com.au offers plywood to build your DIY Home Office, if you already purchased our plywood, don’t forget to include this to your current work related expenses as Home Office equipment.

Sincerely yours, Richwise Team

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