If you run your business as a sole trader or in a partnership from home, you may be able to claim more expenses than you think. If home is your main place of business, expenses such as electricity, cleaning and depreciation of your business assets are all up for deductions!
The ATO cite the following ways you can calculate your home business expenses:
- Actual cost method.
- 52 cents per work hour fixed rate, which covers heating, cooling, lighting, cleaning and depreciation of furniture and furnishings.
- 80 cents per work hour temporary shortcut method, available from 1 March 2020 to 30 June 2021 and covers all expenses.
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