Home based businesses deductions

Written on the 20 May 2014 by Macmillans Waller Fry - Accountants Maitland

Businesses that are run from home can claim deductions on their tax return. These include:

1. Cost of room’s utilities

These claims must be apportioned and if the portion is based on anything other than the floor area the claim must be clearly documented.

2. Phone costs

If a telephone is used exclusively for business, owners can claim for the rental and calls but not the installation costs.

3. Decline in value

This can apply to items such as desks and computers. If the equipment is also used for personal use then the claim must be apportioned.

4. Costs of owning the house

The most common method for claiming costs for the room that is used as a business is using the floor area as a proportion of the whole home. Owners should be aware of potential CGT implications when selling the home.


Author: Macmillans Waller Fry - Accountants Maitland
About: Maitland

 

Business networking done the right way

The ability to network effectively can greatly increase the success of your business by getting your name out there in a positive way, building your credibility and assist in growing your customer base. Networking done poorly can seem pushy or overbearing but when done well it is a two-way street...
Read More...


Expanded super for older Australians

The 2019-20 Federal Budget has placed a strong focus on the growth of the economy whilst also having the intention to look after older Australians. Older Australians will benefit from the work test exemption age being extended from age 64 to 66. The work test requires an individual to work at lea...
Read More...

associations

 

 

Who we are

 

What we do

 

Macmillans - Accountants

Address:40 Church Street

Maitland NSW 2320

Phone:02 4933 4444

Fax:02 4933 7781

Email

 

Online PaymentContact Us