LATEST ACCOUNTING NEWS
Small businesses may ‘collapse under strain of payday super’, IPA warns
ATO’s hands tied with scrapping on-hold debts, expert says
What Drives Your Business Growth and Profits?
Australian Taxation Office (ATO) shifting to firmer debt collection activity
Why employee v contractor comes down to fine print
Sharing economy reporting regime for platform operators
Countries producing the most solar power by gigawatt hours
Illegal access nets $637 million
Accessing superannuation benefits.
Does your business have a company Power of Attorney?
Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
GrantConnect
2 in 3 SMEs benefit from instant asset write-off, survey reveals
Updated guidance on R&D claims
Do you know how to recover debts?
Wheat Production by Country
Types of small business benchmarks
What is a Commercial Lease?
ATO warns advisers against suspect R&D tax claims
The year of workplace law upheaval
How to Resolve Invoice Payment Disputes
Raft of revenue tweaks in MYEFO to raise millions
The Countries that Export the Most Wine in the World
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Home Office Claims 2020

The coronavirus lockdown has meant many taxpayers are working from home for the first time.  A special shortcut method just introduced means there are three methods to claim in the 2020 income tax return.



       


Shortcut method for work-space


  • Claim 80¢ per hour worked at home after 1st March 2020 per taxpayer.  A reliable daily time record is needed – has that been kept?
     

Fixed method for home office


  • Claim 52¢ per hour for utilities, plus a percentage of phone, internet, stationery, consumables and depreciation of office equipment costing more than $300.

 


Actual method for home office


  • Claim a percentage of all expenses including electricity, gas, cleaning, phone, internet, stationery, consumables, and depreciation of office equipment costing more than $300.

 


A four week diary establishes a fair percentage for the work pattern.


As always, the taxpayer needs reliable records.  Keeping receipts is fundamental. 


Taking a photo of your home office or work-space with date and time on computer screen is simple, yet effective.  Just keep private or personal information out of view.


If in doubt, ask your accountant.  And pay before year-end some of those July expenses to claim in the earlier year.


 


 


AcctWeb


 


 




14th-July-2020
 
CPA logo Peter I Price & Associates Pty Ltd
Phone: (07) 3376 3411| Email: info@peterprice.com.au
15 Loffs Road, Mt Ommaney QLD 4074
Liability limited by a scheme approved under Professional Standards Legislation.