Maclean Partners, Chartered Accountants, Financial Planning, Townsville, Queensland

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Working from home

January 1, 2022

Working from home?  Claim your home office expenses.

 

If you have a home office for your business, you should be able to claim some of the costs involved in maintaining, owning and using your home.  It is important to be aware of what you can and can't claim, and the record-keeping involved in making a claim.

How does it work?
In order to claim, the space you use must be used primarily for your business.  This doesn't mean setting up at the kitchen table from time to time, it means having a dedicated space that you work from.  If you are selling online and storing stock, you may also be using other spaces in your house for storage or stock maintenance.  If you are making or creating products, you may be using other areas like your kitchen or workshop.

Costs that you might be able to claim include:

  • Home office equipment
  • Repairs to the home office or work-related furniture and equipment
  • Cleaning expenses
  • any other day-to-day running expenses for you home office.

You may also be able to claim the costs of some trips in your car if these are from your home office to other locations where you are carrying out business.

The ATO has developed a calculator tool, to help you better understand what you might be able to claim.  View the tool here.

Keeping track of your costs
Making sure you keep a record of all your expenses.  it is important to keep your personal and business expenses separate.  Consider using online accounting software so the paperwork is kept in good order.

We can help review your home office expenses to make sure these are included when you claim.

Talk to us, we can help.

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