Working from home still? Good news! You can still use the shortcut claim method.
The shortcut method of claiming deductions for working from home has been extended to 30 June 2021 and is therefore available for the period 1 March 2020 to 30 June 2020 and for the full 2020/2021 financial year.
The new arrangement will allow people to claim a rate of 80 cents per hour for all their running expenses, rather than needing to calculate costs for specific running expenses. The shortcut method covers all your working from home expenses, such as:
the decline in value of equipment and furniture
electricity and gas for heating, cooling and lighting
Taxpayers must have spent the money themselves and not have been reimbursed, and the claim must be directly related to earning income.
Taxpayers wishing to utilise this simple and straightforward method of claim are required to maintain a record of hours and days worked at home over the period.
If you have any queries or need advice then CONTACT US now at BSN & Co!