Brisbane's Accounting & SMSF Specialists

Tag: small business tax claim

Home-based small business – what can I claim?

Home-based small business – what can I claim?

Small business, Tax
The home is also the principle place of business for many taxpayers these days. Yet it can be confusing to work out what deductions you can claim if you are working from home. Here is a general summary of the typical deductions you can claim:   Expenses relating to the area of the home you use for business. By determining the area of business space used and dividing this by the total area of your home, you can calculate the percentage for business use. You can then apply this percentage to claim the following deductions:   Occupancy expenses including mortgage interest or rent, council rates, land taxes and house insurance premiums. Running costs including electricity, gas, business phone and internet costs, cleaning, repairs to plant/equipment, and furniture. &n...