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Articles archive
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Quarter 3 of 2020
Articles
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
JobKeeper Phase 2 - Latest Update
Payroll Tax 2020 concessions and JobKeeper
High alert issued over myGov tax time scam
Extended director penalty regime to catch out ‘zombie companies’
SG amnesty deadline - 7 September
‘Hundreds’ to be contacted in ATO early super compliance blitz
90,000 SMEs to benefit from new JobTrainer program
Work Related expenses – 2020
‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
Extra Tools & Resources for our clients.
Year End Tax Deductions – “equipment”
Home Office Claims 2020
Early release of super sees ‘high take-up’
Tax time 2020: ATO homes in on rental deduction claims
ATO announces Div 7A COVID-19 assistance
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.


 


 


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14th-July-2020
 
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