These changes will require more paperwork and time, and they come into effect for the 2022-2023 tax year.
How it works
You can claim 67 cents for each hour you work from home during the relevant income year. The rate includes the additional running expenses you incur for:
A fixed rate of 67 cents per hour can be claimed.
Broadly put, the ATO will require a timesheet / diary / log book or similar evidence to be kept with the dates / exact numbers of hours worked (from home) on each date.
You must however still keep a record / invoice for at least one of these expenses, so we recommend you retain with your tax records an annual internet, phone and electricity invoice.
A transitional period will apply from July 2022 to February 2023 for the 2023 income tax return only.
Additional information is available here: https://www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/working-from-home-expenses/fixed-rate-method---67-cents/
The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.