Running a business from home?

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Running a business from home?

We came across a handy summary to some tax deductions you might be able to claim for home office expenses.

Running a business from home can offer some tax benefits but how do you know exactly what expenses you can claim as a deduction?

We came across this handy guide on the Australian Bookkeepers Network website. We've recommended this site before - members can get advice on all sorts of bookkeeping related questions.

The article explains some of the more common deduction for people working from home, including telephone, electricity, furniture and other equipment.

If you work in a room of your house that is also used for non-work purposes, the article discusses that too. If you work in different parts of your house, instead of sticking to a dedicated home office, that's discussed too.

Knowing whether you can claim rent or mortgage repayments and other occupancy expenses could make a sizeable difference to your deductions so this is definitely worth a read for anyone who runs a business from home.

 

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