The Australian Taxation Office (ATO) has raised the fixed rate work-from-home deduction from 67 to 70 cents per hour, effective from July 1, 2024. This allows taxpayers to claim a higher deduction for their working from home expenses, potentially increasing their tax returns. For instance, working 38 hours a week can now yield a total deduction of $1,383.20, compared to $1,323.92 under the previous rate. The rate covers various expenses, simplifying the process for taxpayers.
The fixed rate work from home deduction has been increased from 67 to 70 cents per hour, providing a larger tax deduction for Australian taxpayers.
The new fixed rate for work-from-home deductions, effective July 1, 2024, allows Australians to claim 70 cents per hour, increasing potential tax returns.
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