Good refunds come from good record keeping

Hundreds of thousands of Australians are now working from home as the coronavirus crisis forced offices around the nation to close.

Consequently, Australians are now finding themselves responsible for operating their own home office. The tax office recognises that running a dedicated workspace in the current climate has resulted in unique challenges and unique costs; essentially, you are now responsible for operating your own office.

Due to this altered environment, the likelihood the average Australian would overlook a lawful tax deduction is high. Optimising a tax return is NOT just a cash boost, it is simply getting returned how much you have OVERPAID the ATO. We recommend retaining proof of purchase receipts and maintaining a diary of expenses incurred during the operation of your home office, including expenses such as new computer items, heating, cooling, lighting, cleaning (sanitisation of workspace), mobile & internet. If in doubt, retain the receipt and discuss possible claims with your taxation manager at The IF GROUP and remember, the key to a good refund is good record keeping.