Wise Accounting Podcast (wap)

As is often the way at this time of year, there are not too many exciting tax development, however, it also the time when certain matters have a habit of flying under the radar. In this weeks podcast we endeavour to make sure no such things occur.   New Home Office Rate   The hourly rate determined by the ATO for deducting home office expenses has been increased from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018. According to the updated Practice Statement PS LA 2001/6, individual taxpayers who claim deductions for work- or business-related home office running expenses may either claim a deduction for the actual expenses incurred or a deduction calculated at the rate of 52 cents per hour. Taxpayers who use the rate per hour method to claim a deduction for home office running expenses only need to keep a record to show how many hours they work from home. They can do this over the course of the year, or if their work from home hours are regular and constant, by keeping a record