Yes. If you are an employee who works from home on a regular basis, you may be able to claim a deduction for expenses in relation to that work.
If you claim for more than 5 hours a week you need to log it in a diary. Employees can claim 45c per hour, contractors can claim floor space (generally 1/7) of rent, rates, water, insurance, power and any items repairs etc.
You can claim interest but it’s not advisable, as it may affect your capital gain exemption.
Call in at your local TaxAssist Accountants for help with this.
Terry Murphy TaxAssist Accountants.
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