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The ATO’s draft Practical Compliance Guideline: PCG 2022/D4 set’s out a new approach to claiming a deduction for additional running expenses incurred while working from home. Once finalised, it will be available for taxpayers to calculate their working from home expenses from 1 July 2022.
The hourly rate under this revised fixed-rate method is 67 cents (previously 52 cents), and you no longer need to have a separate home office or dedicated work area set aside in your home to rely on the new Guideline.
The following should be noted regarding the costs included in the fixed-rate method:
Substantiation required is as follows:
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to your circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
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