Work From Home? You Could Be Claiming More
With many Australians still working from home, the ATO has increased the fixed-rate method for home office claims to 70 cents per hour, effective from 1 July 2024.
This new rate covers:
- Electricity and gas used for lighting, heating, or powering work equipment
- Internet and phone usage
- Stationery and other consumables
However, it’s important to note:
- The fixed-rate does not cover occupancy expenses such as rent, mortgage interest or property rates
- You must keep a record of your hours worked (e.g. timesheets, diary entries or rosters)
- If you prefer, you can still use the actual cost method – but you’ll need to keep receipts and itemise the relevant portion of usage
Wondering which method gives you the better outcome? We can help you calculate and compare. Our team is here to support you with clear advice and practical solutions – whether you’re a business owner, investor, SMSF trustee, or employee working from home.
Call us on 1800 618 800 or email admin@simmonslivingstone.com.au.
