Higher WORK FROM HOME deduction in your 2024 Australian Tax Return
Тәжірибелік нұсқаулар және стиль
After a permanent change to working from home in recent years, the 2023 Australian tax return will include a higher tax deductions. The Australian Tax Office introduced a simpler method to claim work from home tax deductions in 2022 in response to COVID19 but it was only temporary in nature. The problem is many people in Australia still continue to work from home from 2023 and onwards as they have switched to either a hybrid work mode or permanent work from home.
This video will explain how to claim a tax deduction for working from home using the Fixed Rate Method and the Actual method.
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💰 Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/
(BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to advanced plan and I may get a small my commission at no extra cost to you, so we both win!)
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ATO LINKS
🔗 Work from Home Expenses instructions and COVID-19: www.ato.gov.au/general/covid-...
🔗 MyDeduction App www.ato.gov.au/general/online...
DISCLAIMER: it is important to note that the information in this video is for general information and entertainment purposes only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances.
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Chapters
0:00 Intro
0:40 What is the Short Cut Method?
2:29 What is the Fixed Rate Method?
3:27 What is the Actual Cost Method?
3:50 MyDeductions App for Free
4:50 Example calculation
6:16 Depreciation calculation tool
8:23 Claiming Occupancy Expenses
8:56 What you can't claim!
Пікірлер: 15
Thanks Dan, very helpful, you've inspired me to do my own tax
@MoneywithDan
Жыл бұрын
Great to hear! Thanks for watching
Very very helpful to understand tax matrix. Thank you.
@MoneywithDan
Жыл бұрын
Thanks so much for watching 😁
Thanks Dan this was really helful
@MoneywithDan
Жыл бұрын
Thanks for watching
Thanks Dan this is very helpful.. but still I cannot understood the fixed rate method.. I am working from home for whole last financial year and all my electricity internet and gas bills are included in my rent.. so what and how I can claim my tax deduction for that? What proves I have to provide for that?
@MoneywithDan
Жыл бұрын
Thanks for watching. If you’re using fixed rate method then it doesn’t matter if your rent includes these costs or if you pay them separately. You can claim work hours in a year x 67 cents without keeping receipts. Is that clearer?
@soumyasen2858
Жыл бұрын
Oh cool, and will my excel sheet or diary where I have calculated everything can be proof of that?
@MoneywithDan
Жыл бұрын
@@soumyasen2858 that is the ATO guidance.
Have a question, my job I worked fro. Home but It wasn't office related, I'm a mobile painter , but was able to work from home how would that work out??? And how would I show thay
@MoneywithDan
Жыл бұрын
It’s all based on time spent at home doing work. So if you did admin work related to your job at home then that would count. The time spent doing mobile painting may not count if you are using fixed rate method but it might if you use actual method if you have a dedicated office space.
@swingking08
Жыл бұрын
cuz I was picking up jobs doingbthe work at home dropping off the carparts once the work was completed , so it's sort of a thing an odd situation, and I talked to a couple accountants and they had no idea either 😅 I had to convert half of my garage into a make shift spray area haha
@MoneywithDan
Жыл бұрын
@@swingking08 I see. I was going say you should speak to an accountant as the answer depends on which method you use and what type of work you are doing at home and how long for.
@swingking08
Жыл бұрын
@@MoneywithDan about 2days aweek , so around 16 hours each week, now do u see why I thought inwould ask the question because it seems to be a strange type of area for this to fall into hahaha