WebFor this financial year and moving forward, there are now only two methods to calculate your work from home claim: Revised fixed rate method (with new rules applying) Actual costs method (unchanged). The actual costs method has never been all that popular because you need to keep records of every expense incurred and depreciating asset purchased, … WebApr 5, 2024 · So, from the 2024-23 financial year onwards, the ATO has combined these two fixed rate methods to create one revised method accessible by anyone working from home, regardless of whether they have a dedicated space or are just working at the kitchen table. The new rate is 67 cents per hour and covers your energy expenses (electricity …
ATO makes changes to working-from-home deductions
WebFeb 27, 2024 · The Australian Taxation Office (ATO) released Practical Compliance Guideline (PCG) 2024/1 which sets out the revised rate for taxpayers wanting to claim work from home expenses using a fixed rate. From the 2024 financial year onwards, taxpayers will only be able to claim working from home deductions based on either the ATO's … WebThe new ‘fixed rate’ method. Previously, there were two fixed rate methods to choose from for the 2024-22 income year: A cover-all 80 cents per hour rate for expenses incurred while working from home (which was available from 1 March 2024). This COVID-19 related rate was intended to cover all additional running expenses incurred while ... hillcrest orchards coupon
Working from home: ATO updates
WebJul 28, 2024 · With the Fixed rate method 56 cents per hour I have worked from home for 180 days and worked 3 hours overtime. I work 7.6 hours a day/38 hours a week. I have … WebApr 11, 2024 · Update: with the ATO’s announcement of the new ‘shortcut method’ Peter can choose the fixed rate of 80 cents per hour to calculate expenses. This method is only valid for working from home expenses incurred between 1 Mar - 30 Sep 2024. This method includes all home office expenses for that period. Learn more about this … WebApr 12, 2024 · The ATO has ‘refreshed’ the way you can claim costs when you work from home offering a new ‘fixed rate’ method or ‘actual cost’ method. hillcrest orchards georgia