Are you thinking of making improvements to your home office?
Do you know what you can claim?
ATO says: If you operate some or all of your business from your home, you may be able to claim tax deductions for home-based business expenses in the following categories:
– occupancy expenses (such as mortgage interest or rent, council rates, land taxes, house insurance premiums)
– running expenses (such as electricity, phone, decline in value of plant and equipment, furniture and furnishing repairs, cleaning)
– the expenses of motor vehicle trips between your home and other locations, if the travel is for business purposes.
When you sell your home, you may have to pay capital gains tax (CGT). It’s important to keep the right records to work out your deductions or CGT.
Get all the details here
