Great news for those that are continuing to work from home this year – the Tax Office has now extended the 80¢ per hour shortcut method until 30 June 2021.
This is the third time the Tax Office has extended the shortcut method. It was first due to expire at the end of the last financial year, then September 2020, and more recently, at the end of December 2020.
The temporary shortcut method will continue to be supplementary to the 52¢ fixed-rate method and the actual cost method of calculating running expenses, with taxpayers able to choose the appropriate method for their circumstances.
A reminder to keep track of any hours that you have worked from home due to COVID-19.
If you have any questions surrounding deductions and working from home, please contact our team by clicking here or phoning 4638 5300.
