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December 2022 employee superannuation due soon! Work from home rules changes for FY 2023.

December 2022 employee superannuation Just a friendly reminder that the December 2022 quarter superannuation is due for payment by the 28th of January 2023

Please ensure payment of cleared funds is made by the cut off date. If you need assistance with this calculation please give us a call.

Changes to the work from home rules for FY2023 The ATO have updated the methods available to calculate working from home expenses for the 2022–23 income year.

The all inclusive 80 cents per hour rate used during Covid has expired on 30th June 2022. The pre-Covid rate of 52 cents per hour will apply again. Substantiation rules have also changed. You can no longer use a single month of records to apply to the whole year. From 1st July 2022 the ATO now require you to keep a diary of all hours worked from home. You can use the method that suits your circumstances. The methods to choose from include the:

  • Fixed rate method An amount per work hour for additional running expenses plus expenses not covered by the fixed rate

  • Actual cost method The actual expenses you incur as a result of working from home

  • Shortcut method An all-inclusive rate per work hour, only available from 1st March 2020 to 30th June 2022. You must have a record of the hours you worked from home, for example, a timesheet, roster or diary.

Make sure you have evidence to support your deduction claims. From 1 July 2022, you should keep:

  • records of all the hours you work at home

  • receipts for all depreciating assets or equipment you use when you work at home

  • records of your personal and work-related use of assets.

You can use the myDeductions tool in the ATO app to help keep track of your expenses.

Calculate your work from home deduction Use the ATO’s Home office expenses calculator to help you work out your deduction. Any questions please give the team a call anytime Adrian De Vito - CPA Clear Accounting Solutions

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