Home Office Expenses Occupancy Costs

If your employer has an office in the city or town where you live your home office will not be a place of business even if your work requires you to work outside normal business hours. If you are in business and your home is also your principal place of business you should refer to running your business from home. Occupancy expenses such as rent mortgage interest insurance rates.

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Generally occupancy expenses are relevant only to those using their home as a place of business.

Home office expenses occupancy costs. There are three ways of calculating home office expenses depending on your circumstances. Fixed rate method 52 cents actual cost. Betty has the following home office running expenses including energy expenses that have been calculated using electricity authority hourly costs per appliance. For home office equipment such as computers printers and telephones the cost for items costing up to 300 or decline in value for items costing 300 or more.

The home office expenses calculator helps you work out the amount you can claim as a tax deduction for home office expenses for the previous six income years. If you work from home you may be able to claim a deduction for some of your expenses relating to the area you use. Work related phone calls including mobiles and phone rental a portion reflecting the share of work related use of the line if you can show you. Depreciation on the home.

Mortgage or interest costs. The methods are the. What s new for 2018 19. Employees generally can t claim occupancy expenses such as rent mortgage interest water and rates.

These expenses can be divided into two broad categories. The following costs are not deductible as part of home office expenses. Running your business from home. For employees working from home due covid 19 we have specific information available about home office expenses and recording.

Occupancy expenses such as mortgage interest or rent council rates land taxes house insurance premiums running expenses such as gas and electricity phone decline in value of plant and equipment decline in value and cost of repairs to furniture and furnishings cleaning. Taxpayers can generally claim the same percentage of occupancy expenses as the percentage area of their home that is used to make income for example if the home office is 10 of the total area of the home then you can claim 10 rent costs council rates and so on. However if your employer does not provide you with a workspace and you can provide evidence that your home is your primary place of work you can claim the relative percentage of the overall occupancy expenses of your home as well as the running costs of your home office. Shortcut method 80 cents only available 1 march to 30 june 2020.

Home office equipment used for work. The fixed rate for heating cooling and lighting in your home office is now 52 cents per hour.