Maximising tax returns ‘priority’

THERE are some important changes this year to claim the work from home expenses to June 30, 2024.

According to Registered Tax Agent Farokh Batliwala of Bartly Pty Ltd, individuals will be able to claim a higher rate of $0.67c/h for working from home between July 1, 2023 and June 30, 2024, on heating, cooling, lighting, phone, internet, computer consumables, stationery and depreciation for computer, laptop and iPADs.
Two or more people in the same house can each claim $0.67c/h for working from home.
You don’t need a dedicated home office but timesheets or diary records will be required as well as receipts for the above.
For business tax returns, you could be eligible to claim an additional 20 per cent tax deduction on expenses incurred to digitise the business.
For example, it could be the purchase of computer hardware, software, telecommunication equipment, digital media and marketing, subscriptions to cloud based services, cyber security systems and more.
Your business could be eligible as well to claim a 20 per cent tax deduction on providing external skills and training to employees either in person or online.
You could also write off assets costing up to $20,000 for using it in your business.
“At Bartly, we invest time in our clients to understand their situation to provide targeted advice,” Farokh said.
“We visit clients’ business or home during or after hours to make it easier; this year the tax office will focus on the gig economy, travel and rental properties so it’s important to get your tax affairs in order with our expertise.”
Highly regarded in the local community, Farokh is happy to discuss your unique situation in detail.
For further info, call 0407 280 898 or email