From 1st July 2022 the ATO have made changes to way you can claim working from home expenses. Starting 1st January 2023 you will need to keep a detailed record of the hours you work at home. The following methods for claiming deductions are available:
Fixed rate method
- $0.67 per hour
- includes energy, internet, telephone, stationery & computer consumables
- Need to retain at least one receipt for each category above
Actual cost method
- Claim a percentage of actual costs incurred.
- All receipts required
- Percentage to be supported by a four week diary on actual usage of each expense
In the 2022 year you could claim expenses using the following methods:
- Fixed rate method at $0.52 cents per hour for energy
- Actual cost method for expenses incurred
- Shortcut method at $0.80 per hour
With the fixed rate and shortcut methods the ATO would accept a reasonable estimate of hours worked up to 30 June 2022.
For further information, please refer to the following ATO information.
Please contact caroline@jhlaccounting.com.au if you require any further assistance.