Can I run my business from home? What expenses can I claim?
Short answer: yes, you can run a business from home.
However, What expenses can your business claim depends on several factors.
Home-based business expenses
– The types of expenses you can claim depend on how you operate your business out of your home.
– You can only claim deductions for the portion of your expenses that relate to running your business.
– You must keep records for at least five years to show that your business incurred the expenses and how you
calculated your claim.
– If you sell your home, there may be capital gains tax (CGT) implications.
– If you do some work from home but it is not your main place of business.
Note: If you are entitled to goods and services tax (GST) input tax credits, you must claim your deduction in your income tax return at the GST exclusive amount.
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