Every dollar counts, so make sure you are fully compensated for having to work from home
Traditional office-related expenses for will be supplanted by claims from business owners and their employees working from home offices.
The 2020 fiscal year officially ends on 30 June, and the months of July through to October mark tax season. But before the next financial year begins, there are a few things you should sort out to maximise your tax refund, according to tax expert Adrian Raftery. Here are some things you should do before the month is up
Using the Australian Taxation Office's temporary "shortcut" method for claiming home office expenses brought about because of COVID-19 could leave you worse off than keeping a diary and stating actual running costs.
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comments-rhsLatest Comments

  • "In the Business Income schedule. Note the losses can only be offset against normal income if you satisfy one of the non-commercial loss tests."

    By: Mr Taxman at Aug 12, 2020 4:39AM

    Post: Foreign currency trading

  • "By trade size"

    By: Mr Taxman at Aug 12, 2020 4:37AM

    Post: Foreign currency trading

  • "Mr Taxman, In regards to the Non Commercial Losses, when determinin gthe 20k rule is that based on your Profit/Loss for the year combined or is it actually turnover from the size of your trades eg..."

    By: Greg Croot at Aug 10, 2020 12:52PM

    Post: Foreign currency trading

  • "Hello Taxman! I invested in BTCUSD trading using MT4 trading platform using a broker in HongKong. I am a Australian resident for tax purposes. I used to trade only 2-3 times a month. I made profilts..."

    By: Santosh at Aug 09, 2020 4:05AM

    Post: Foreign currency trading

  • "Hi Mrtax I’m a sole trader with an ABN, I work for myself as a Nanny. Would my home be considered my place of Business/work, where I then travel to my clients home to care for the..."

    By: Jessica at Aug 07, 2020 11:41PM

    Post: Claiming car expenses