{"id":45847,"date":"2020-06-12T16:58:54","date_gmt":"2020-06-12T16:58:54","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=45847"},"modified":"2020-06-12T16:58:54","modified_gmt":"2020-06-12T16:58:54","slug":"ato-updates-tax-guidance-for-home-based-businesses-by-maja-garaca-djurdjevic","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/ato-updates-tax-guidance-for-home-based-businesses-by-maja-garaca-djurdjevic\/","title":{"rendered":"ATO updates tax guidance for home-based businesses-By Maja Garaca Djurdjevic"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"font-size: 28px; color: #ff00ff;\">ATO updates tax guidance for home-based businesses-By Maja Garaca Djurdjevic<\/span><\/h1>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-45848 aligncenter\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2020\/06\/The-Australian-Taxation-Office-e1591980801383.jpg\" alt=\"The Australian Taxation Office\" width=\"600\" height=\"388\" \/><\/p>\n<p><span style=\"font-size: 20px; color: #800000;\">Source:<\/span><span style=\"font-size: 20px;\"><a href=\"https:\/\/www.publicaccountant.com.au\/news\/ato-updates-tax-guidance-for-home-based-businesses?utm_source=Public%20Accountant&amp;utm_campaign=12_06_20&amp;utm_medium=email&amp;utm_content=3\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><span style=\"font-size: 20px;\">publicaccountant<\/span><\/strong><\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The Australian Taxation Office has advised that it will be accepting a temporary short-cut method from 1 March 2020 until at least 30 June 2020, allowing business owners of home-based businesses to claim a rate of 80 cents per hour for all their running expenses.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The ATO\u2019s definition of a home-based business is one where the business owners\u2019 home is also their principal place of business. That is, they run their business at or from home, and have a room or space set aside exclusively for business activities.<\/span><!--more--><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Business owners operating under these conditions may be able to claim tax deductions for home-based business expenses in the following categories:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 20px; color: #000000;\">occupancy expenses (such as mortgage interest or rent, council rates, land taxes, house insurance premiums);<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">running expenses (such as electricity, phone, decline in value of plant and equipment, furniture and furnishing repairs, cleaning); and<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">the expenses of motor vehicle trips between your home and other locations, if the travel is for business purposes.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The ATO has also advised that if the home is not a business owners\u2019 principal (or main) place of business but they do some work from home, they may still be able to claim a deduction for some of their expenses relating to the area they use.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">For more information, click\u00a0<\/span><span style=\"font-size: 20px;\"><a href=\"https:\/\/www.ato.gov.au\/Business\/Income-and-deductions-for-business\/Deductions\/Deductions-for-home-based-business-expenses\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><span style=\"font-size: 20px;\">here<\/span><\/strong><\/a><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- Responsive --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: 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[&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":45848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20],"tags":[22342],"class_list":{"0":"post-45847","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"tag-the-australian-taxation-office","9":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ATO updates tax guidance for home-based businesses-By Maja Garaca Djurdjevic<\/title>\n<meta name=\"description\" content=\"The Australian Taxation Office has advised that it will be accepting a temporary short-cut method from 1 March 2020 until at least 30 June 2020,\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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