Tax Tips
INCREASE TO RATE FOR WORKING FROM HOME RUNNING EXPENSES
From 1 July 2022, the ATO's PCG 2023/1 introduces a revised fixed-rate method for claiming work-from-home expenses.
Taxpayers can claim 70 cents per hour for additional running costs like electricity, gas, internet, phone, stationery and computer consumables. This method excluded occupancy costs such as rent or mortgage interest.
Alternatively, taxpayers may still use the actual cost method, requiring detailed records. A dedicated home office is not required, and each household member can choose their preferred method independently.
Please contact your accountant for any further information.