T: +61-7-3221 5677 - Enquiries: enquiries@walshs.com.au - Mortgage Broking: lending@walshs.com.au

Walshs

Do you study or work at home? Note these changes to rates and record keeping

One of Queensland’s leading financial planning, accounting and lending firms for medical and private clients. Providing accounting, mortgage broking and strategic financial planning advice.

T: 61-7-3221 5677
Email: enquiries@walshs.com.au

Walshs
Level 24/10 Eagle Street, Brisbane QLD 4000

Open in Google Maps
  • Medical Clients
  • Private Clients
BOOK A MEETING

Walshs Insights

Do you study or work at home? Note these changes to rates and record keeping
Friday, 24 February 2023 / Published in Walshs Blog

Do you study or work at home? Note these changes to rates and record keeping

The Australian Taxation Office (ATO) has recently revised the fixed rate method for claiming working from home deductions. Previously, the fixed rate was 52 cents per hour and covered only running expenses for home office use. However, the new rate has been increased to 67 cents per hour and now includes additional expenses such as phone usage, internet, stationery, and computer consumables. It’s important to note that no additional deduction is allowed for expenses included in the fixed rate method.

It is still possible to claim relevant amounts for office equipment and depreciable assets used while working from home, including computers and office furniture. The expenses associated with the repair and maintenance of these assets are also still deductible. Additionally, costs related to cleaning a dedicated home office are still eligible for deduction.

The changes have been announced and will come into effect from 1st July 2022, as a retrospective measure.

The revised method requires you to keep a record of all the hours worked from home for the entire financial year. The ATO won’t accept estimates, or a 4-week representative diary under this method from 1 March 2023. However, they will accept a record which represents the total number of hours worked from home (e.g. a 4-week diary), for the period of 1 July 2022 to 28 February 2023.

Records of hours worked from home can be in any form provided they are kept as they occur. Furthermore, you are required to keep records of your expenses claimed under this method, including electricity, phone, and internet bills. Additionally, the revised fixed rate method does not require taxpayers to have a dedicated home office space to claim working from home expenses.

We invite you to reach out to us at 07 3221 5677 or via email at enquiries@walshs.com.au if you require more information or specialist advice on these changes, particularly with regard to medical or private taxation and accounting matters. You can also schedule a meeting with us by clicking on this booking link.

By: Nitai Findlay Undergraduate Accountant | Walshs

  • Tweet
Tagged under: Accountant, Brisbane finance, individual tax, Medical Accountants Brisbane, private accountant, tax changes, Tax planning, WFH, work from home

What you can read next

Do you study or work at home? Note these changes to rates and record keeping
2022-23 Federal Budget – What’s in it for you?
Do you study or work at home? Note these changes to rates and record keeping
Dr Luke Nottingham wins the inaugural $10,000 Walshs Medical Bursary!
Do you study or work at home? Note these changes to rates and record keeping
Single Touch Payroll Phase 2 – what you need to know

Recent Posts

  • Do you study or work at home? Note these changes to rates and record keeping

    Beyond Tax Time: What Year-Round Support Looks Like with Medical Accounting Services

    Medical accounting services shouldn’t just come...
  • student at desk working out loan debt with a clock and graduation cap on the desk

    What’s Happening with the Government’s Promised 20% HECS-HELP Reduction?

    You may have seen headlines about the Albanese ...
  • Busy Medical Centre reception area with a visiting family and two staff in scrubs

    Starting a Medical Practice in Queensland: How to set up for financial success

    Establishing your own medical practice is one o...
  • Brisbane home with map showing Brisbane location

    Where should you invest in Brisbane? Top property insights for smart buyers

    At Walshs, we’re all about helping you make sma...
  • Australian Orthopaedic Association regional Alliance Partnership with Walshs in Queensland Announcement

    Walshs is Proud to Support AOA Queensland as a Regional Alliance Partner

    Walshs has strengthened ties with the Australia...

Contact

  • PHONE: 61-7-3221 5677
  • FACSIMILE: 61-7-3221 5744
  • EMAIL: enquiries@walshs.com.au
  • MORTGAGE BROKING: lending@walshs.com.au

Location

  • OFFICE: Level 24/10 Eagle Street, Brisbane QLD 4000
  • POSTAL ADDRESS: GPO Box 12, Brisbane QLD 4001
Do you study or work at home? Note these changes to rates and record keeping

Connect with us

MAKE AN ENQUIRY OR BOOK A MEETING HERE
Do you study or work at home? Note these changes to rates and record keeping
Do you study or work at home? Note these changes to rates and record keeping
Do you study or work at home? Note these changes to rates and record keeping
Do you study or work at home? Note these changes to rates and record keeping
Do you study or work at home? Note these changes to rates and record keeping
Do you study or work at home? Note these changes to rates and record keeping
Do you study or work at home? Note these changes to rates and record keeping
All advice on this site is general in nature and does not take into account your personal circumstances. Please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.
ABN 11 248 978 295 Walshs Financial Planning Pty Ltd AFSL 432636 ABN 82 122 293 912 Corporate Authorised Representative No. 463774 of Walshs Finance Australian Credit Licence 459119

Liability limited by a scheme approved under Professional Standards Legislation.
  • Privacy Policy
  • Financial Services Guide
  • Credit Guide
  • Complaints Policy
TOP
lending-15-min-ph

If the time you would like is not available, please contact our office on 07 3221 5677.

Make a booking with Darole Evans

If the time you would like is not available, please contact our office on 07 3221 5677.

GET IN TOUCH

If you would like a Walshs adviser to contact you or to receive marketing material from Walshs and/or be advised of upcoming seminars and events please provide your contact details.
[contact-form-7 id=”18018″ title=”Contact form 1″]

Book 15 minute lending call

If the time you would like is not available, please contact our office on<br>07 3221 5677.