Questions and Answers
Claiming home office expenses
Do I need to keep a diary for a home office?
Yes. If you are an employee who works from home on a regular basis, you may be able to claim a deduction for expenses in relation to that work.
If you claim for more than 5 hours a week you need to log it in a diary. Employees can claim 45c per hour, contractors can claim floor space (generally 1/7) of rent, rates, water, insurance, power and any items repairs etc.
You can claim interest but it’s not advisable, as it may affect your capital gain exemption.
Call in at your local TaxAssist Accountants for help with this.
Terry Murphy TaxAssist Accountants.
Date published 27 Mar 2019
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.Choose the right accounting firm for you
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