The end of the fiscal year is just over two weeks away. This means you don’t have long to act to ensure you pay the optimal amount of tax. Here are our top 7 tax tips.
1. Have you worked from home during the pandemic?
If you are one of the millions of Australians who have worked from home during the pandemic, the government has introduced a temporary ‘shortcut’ method of claiming home office expenses as a tax deduction. You don’t have to use this method (you can choose whichever gives you the best result), but it’s very simple and requires almost no documentation.
For the period from July 1, 2021 to June 30, 2022, you can claim a deduction of 80 cents per hour for each hour worked from home. This covers all work-from-home expenses such as telephone expenses, internet expenses, electricity and gas for heating, air conditioning and lighting, as well as the decline in value (depreciation) of equipment and furniture.
You don’t need expense reports or a dedicated workspace to use this method. All you need is a timesheet or journal showing the hours worked.
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