Temporary relief for financially distressed businesses in response to COVID-19

How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: the actual cost method; or the fixed rate method. Using the fixed rate method, taxpayers can claim a rate of 67 cents per hour worked at home. This amount covers additional running expenses, including electricity and gas, phone and internet usage, stationery, and computer consumables. A deduction for these costs cannot be claimed elsewhere in their tax return, although taxpayers can separately claim any depreciating assets, such as office furniture or technology. Taxpayers need to have the right records, and the record-keeping requirements differ for the fixed rate method and the actual cost method. We released a Tax Alert on this topic when the revised fixed method rate was introduced, to see full details click here .

Planning for Superannuation Contributions before 30 June 2024 As the end of the financial year is approaching, we take this opportunity to remind you of the superannuation obligations for each of the following three groups: Self-employed & other taxpayers; Employers with only related-party employees; and Employers with unrelated employees. Each group will be considered below under three separate headings and we recommend you consider the group most relevant to your circumstances.