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Extra tax deductions for home-based businesses
Use this resource to find out what a ‘home-based business’ is and how to go about claiming the three types of tax deductions that are only available to home-based businesses. These are:
- occupancy expenses
- running expenses
- motor vehicle expenses.
It’s important to note that any home-based business that claims occupancy expenses may have to pay Capital Gains Tax. Professional tax advice should be sought to determine the implications of claiming occupancy expenses.
Any home-based business can claim running expenses and motor vehicle expenses if they were incurred in the relevant tax year. However, only home-based businesses that pass the ‘interest deductibility test’ can claim occupancy expenses. Information is provided to determine if your home-based business passes the test and, if so, how much you’re eligible to claim.
Building practitioners in need of more information can access a link contained in the resource to a number of Australian Tax Office publications.
Access this resource now
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Who is it for?
Building Professionals
This resource is designed for builders and industry professionals who operate a home-based business.
What does it include?
- A definition for a ‘home-based business’
- Which tax deductions are specific to home-based businesses
- How to work out how much is business-related
- Where to access further information.