There’s a lot to love about being female but when it comes to finances, women…
For the 2022-23 income year onward there are changes to the record keeping requirements and calculating working from home deductions.
There are 2 methods to calculate working from home deductions:
- Revised fixed rate method
- Actual cost method
The revised fixed rate method has been updated to better reflect contemporary working from home arrangements, making it easier to calculate expenses.
- Has increased from 52 cents to 67 cents per hour worked from home
- You no longer need a dedicated home office
- Works out the claim for:
- Electricity and gas
- Phone and internet usage
- Computer consumables
- Separate amount for expenses not covered by the revised fixed rate, such as the decline in value of depreciation assets.
- The actual expenses incurred as a result of working from home
It’s important that you keep all records to show you incur expenses as a result of working from home. The type of records will depend on the method you choose to calculate your expenses.
For more information go to the ATO website.