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I am renting at the moment. I am on ABN & my ABN is registerted at my renting place.

I am under contract with this company to provide consulting services for which i travel to & fro  from my home & their office place.

Can i claim my rent as home office expenses as part of Occupany expenses & travel expenses as work travel expenses?

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ATO Certified

Devotee

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Hi @deeptarunsingh

 

Please see, https://www.ato.gov.au/business/income-and-deductions-for-business/deductions/home-office-expenses-f...

you are a sole trader and your home is also your place of business you can claim tax deductions for a portion of the costs of owning, maintaining and using your home for this purpose.

If you operate a business at or from your home, you may be able to claim a deduction for some of the expenses relating to the area you use for business purposes.

These expenses can be divided into two broad categories:

  • occupancy expenses (such as mortgage interest or rent, council rates, land taxes, house insurance premiums)
  • running expenses (such as gas and electricity, phone, decline in value of plant and equipment, decline in value and cost of repairs to furniture and furnishings, cleaning)

I suggest you also read through the Tax ruling  TR 93/30 Income tax: deductions for home office expenses

 

A home-based business is one where you operate the business under either of the following circumstances:

  • at home – that is, you carry out most of the business' work at your home, for example, a dressmaker who does all their work at home, with clients coming to their home for fittings
  • from home – that is, the business does not own or rent any premises other than your home, for example, a tiler who does most of their work on clients' premises but does not have any other business premises

Regards, Tracey

Please note this is my personal view; I’m an ATO employee who chooses to help out here in my own time
1 REPLY 1
Highlighted

Best answer

ATO Certified

Devotee

Replies 0

Hi @deeptarunsingh

 

Please see, https://www.ato.gov.au/business/income-and-deductions-for-business/deductions/home-office-expenses-f...

you are a sole trader and your home is also your place of business you can claim tax deductions for a portion of the costs of owning, maintaining and using your home for this purpose.

If you operate a business at or from your home, you may be able to claim a deduction for some of the expenses relating to the area you use for business purposes.

These expenses can be divided into two broad categories:

  • occupancy expenses (such as mortgage interest or rent, council rates, land taxes, house insurance premiums)
  • running expenses (such as gas and electricity, phone, decline in value of plant and equipment, decline in value and cost of repairs to furniture and furnishings, cleaning)

I suggest you also read through the Tax ruling  TR 93/30 Income tax: deductions for home office expenses

 

A home-based business is one where you operate the business under either of the following circumstances:

  • at home – that is, you carry out most of the business' work at your home, for example, a dressmaker who does all their work at home, with clients coming to their home for fittings
  • from home – that is, the business does not own or rent any premises other than your home, for example, a tiler who does most of their work on clients' premises but does not have any other business premises

Regards, Tracey

Please note this is my personal view; I’m an ATO employee who chooses to help out here in my own time