Changes to Working from Home Deductions for 2022-23

The Australian Taxation Office has changed the record keeping requirements and methods for working from home deductions for the financial year 2022-23.

There are two ways in calculating working from home deductions:

  • Revised fixed rate method.
  • Actual cost method.

The actual cost method has not been changed from previous years.

The revised fixed rate method changes:

  • Increased from 52 cents to 67 cents per hour worked at home.
  • Do not need dedicated home office space.
  • Includes the claim for:
    • Electricity and gas
    • Phone and internet usage
    • Computer consumables
    • Stationary
  • Separately claim work-related portions of the decline in value of depreciating assets.

We can help you calculate which method is best suited for you and ensure you are claiming the maximum allowable deduction on your tax return. Contact us today for a no-obligation appointment to complete your 2023 Income Tax Return.

To find out more, click here to be taken to the ATO website.