Home workforce unsure of tax-deductible expenses 

 

Almost half of Australian small business owners (SBOs) are unaware of the increase in the threshold for instant asset write-off, according to a survey by Officeworks. 

 

In April, the federal government increased the asset write-off threshold for assets purchased before 31 December 2020, meaning that eligible businesses can claim an instant tax deduction equivalent to the cost of the assets up to the threshold amount for the current financial year.

 

Australians working from home (WFH) can claim a rebate for expenses incurred relating to the work. These can be additional running expenses such as utilities, the decline in equipment value, furniture-related costs or phone and internet expenses.

 

The Officeworks survey found that just over half (54 per cent) of WFH workers would have changed their purchasing behaviour if they had known WFH purchases were tax-deductible.  Around 24 per cent said they would have purchased more items, and 19 per cent would have bought more expensive items.

 

Survey highlights: