Do you run a home based business?
Some of our members run home based businesses. If your home is also your place of business, you may be able to claim income tax deductions for a portion of the costs of owning, maintaining and using your home for this purpose. When you sell your home you may be liable for capital gains tax. It's important you keep the right records.
Find out more
To find out more, you can watch the ATO's Home Based Business Webinar which provides information about claiming home-based expenses and understanding how capital gains tax may apply.
You can also use the ATO's Home Office Expenses Calculator which helps you work out the amount you can claim as a tax deduction for home office expenses.
Please note that this blog post is not intended to provide any tax or accounting advice.