It is my 1st time preparing my BAS. I have chosen monthly reporting. 90% of my contracted work is done from home. I don't have any rent or mortgage overheads. How do I calculate office expenses like power, internet, laptop depreciation etc and dedicated office room set up or is this something that I do at the end of the financial year?
How you calculate office expenses depends on whether your business structure is as a sole trader or a company. If you are a sole trader you can use the home office expenses calculator (for employees). As you don't have occupancy expenses this calculator will be sufficient.
https://www.ato.gov.au/calculators-and-tools/home-office-expenses-calculator
You can't use this if your business is a company.
If you are claiming GST credits, you can do this monthly on the BAS or claim them on a later BAS (or end of year if you wish). See link.
How you calculate office expenses depends on whether your business structure is as a sole trader or a company. If you are a sole trader you can use the home office expenses calculator (for employees). As you don't have occupancy expenses this calculator will be sufficient.
https://www.ato.gov.au/calculators-and-tools/home-office-expenses-calculator
You can't use this if your business is a company.
If you are claiming GST credits, you can do this monthly on the BAS or claim them on a later BAS (or end of year if you wish). See link.
@Taxduck thank you for this. I am a sole trader so the wfh employees way of calculating will work perfectly. I thought that was the way but the ATO descriptive only reads for employees, so I wasn't sure if it applied to sole traders.
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