On 16 February 2023, the ATO issued Practical Compliance Guideline PCG 2023/1 in relation to deductions for working-from-home related expenditure. The new rules actually apply from 1 July 2022. Working from home deductions before 1 July 2022 There were 3 choices: The shortcut method – which was available from 1 March 2020 to 30 June 2022; The fixed-rate method – which was available from 1 July 1998 to 30 June…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Changes to home-based business expenses Businesses operating from home can claim business-use expenses, including occupancy expenses and running expenses. They can now use the revised fixed rate method of 67 cents per hour for the 2022-23 income year. Find out more here. Get ready for STP Phase 2 Single…  Read more