For the 2023FY the ATO has changed how taxpayers calculate and claim a tax deduction for working from home expenses.
In 2021FY the ATO introduced a short-cut rate of $0.80 per hour – that option expired in the 2022FY, and so has the fixed rate method of $0.52 per hour of working from home.
We now see the introduction of a NEW fixed rate of $0.67 per hour, along with significant changes to the record keeping requirements.
The new rate will cover the following expenses:
It's that time of year, and tax time is upon us. We are looking forward to seeing you all again.
We have included our tax time checklists to help you get your information together.
If you would like to book an appointment or have any questions, do not hesitate to contact us today.
The mantra we have always lived by at Leddy’s & Associates; “Innovate or Die”. It may seem a little aggressive, but it really isn’t, it is a way of changing and surviving. Over the last few years, we have seen a lot of businesses flourish and a lot of businesses fail. These businesses have ranged from small businesses to public companies, and no one is immune from turmoil. The businesses that flourished despite the challenges are those that have been willing to adapt, innovate and think outside the box.
Change is often an unavoidable constant in our lives. Sometimes it’s within our control other times it’s not. Our jobs or roles change, our businesses undergo restructures and re-designs within the strategies, the target markets, or products, and we need to be able to adjust.
Fortunately, there are ways to adapt to change, and even to take advantage of it.
