24/04/2023
Have you worked from home this current financial year? If yes, we are here to alert you to some of the changes to the working from home deductions that will be available to you for the 2023 financial year.
The shortcut method is no longer available. The actual method will remain with no changes.
The fixed rate method, has been replaced by the ‘revised fixed rate method’. The rate has increased from 52 cents to 67 cents per work hour. This rate covers
• energy expenses (electricity and gas);
• phone usage (mobile and home);
• internet;
• stationery; and
• computer consumables.
No additional deduction for any of these expenses can be claimed under this method. Under this method you can separately claim
• the decline in value of assets used while working from home, such as computers and office furniture;
• repairs and maintenance of these assets; and
• the costs associated with cleaning a dedicated home office.
The revised fixed rate method doesn’t require you to have a dedicated home office space to claim working from home expenses. Record keeping requirements have changed for the revised fixed rate method from 1 March 2023. You must keep records of actual hours worked from home. These can be in the form of timesheets, rosters, logs of time spent accessing employer or business systems or diary entries. You must also keep records for the expenses covered by the revised fixed rate method. For example, if you use your phone or electricity when working from home you must keep one bill for each of these expenses.
If you have any queries or require further assistance in relation to this deduction please do not hesitate to contact our office for further clarification.
