Higher WORK FROM HOME deduction in your 2024 Australian Tax Return

After a permanent change to working from home in recent years, the 2023 Australian tax return will include a higher tax deductions. The Australian Tax Office introduced a simpler method to claim work from home tax deductions in 2022 in response to COVID19 but it was only temporary in nature. The problem is many people in Australia still continue to work from home from 2023 and onwards as they have switched to either a hybrid work mode or permanent work from home.

This video will explain how to claim a tax deduction for working from home using the Fixed Rate Method and the Actual method.

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ATO LINKS

🔗 Work from Home Expenses instructions and COVID-19: https://www.ato.gov.au/general/covid-...

🔗 MyDeduction App https://www.ato.gov.au/general/online...

DISCLAIMER: it is important to note that the information in this video is for general information and entertainment purposes only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances.

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Chapters
0:00 Intro
0:40 What is the Short Cut Method?
2:29 What is the Fixed Rate Method?
3:27 What is the Actual Cost Method?
3:50 MyDeductions App for Free
4:50 Example calculation
6:16 Depreciation calculation tool
8:23 Claiming Occupancy Expenses
8:56 What you can't claim!