Accountants are reporting a big rise in working from home claims this tax time due to the COVID-19 pandemic, and they have some advice on how to maximise your refund.
With just a month left to get your tax return in on time, accountants are reporting a dramatic increase in claims for working from home, but they warn many people may be seriously short-changing their refunds.Accountants are reporting a surge in Australians claiming home office equipment and electronics amid COVID shutdowns
Regardless of what method is used to make your claim this tax time, keep good records and seek expert advice if needed But accountants are warning people to think twice before using the Australian Taxation Office's 80 cents per hour shortcut method, which has now been extended until the end of the year, as it may result in lower tax refunds.
"In many cases, this rate will not produce the best deduction for taxpayers who may have incurred considerable costs on buying office equipment, heating their home office, using personal mobile phones and home internet," H&R Block's Mark Chapman said.He noted a typical claim using the shortcut method — for someone who worked from home full-time from mid-March — was about $450, but the taxpayer could easily double that if they used the existing 52 cent per hour method instead.
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