Time to grab those receipts and crunch some numbers, it's tax season.
This year will mark some slight changes on what can be claimed as well as introduce changes to the instant asset write off for small businesses that were made in the 2019 federal budget.
Sparkes Accounting in Bowral have said that several things have changed when it comes to tax time and working from home.
"When using your home to carry out genuine work or business activities a deduction can be claimed for additional running costs incurred," they said.
"Normally it is 52 cents per hour but because of COVID-19 it is 80 cents per hour between March 1 2020 - June 30 2020.
"This is a shortcut method and applies to electricity, gas, cleaning, phone, internet, computer and depreciation of office furniture and depreciation of home office equipment.
"To claim home office during Covid evidence such as a letter from employer to say they had to work from home and dates that work from home was carried out.
"Actual costs can be claimed with evidence and calculations such as diary, accounts receipts."
As for small businesses, the instant asset write off has been extended from $30,000 to $150,000 from March 12 2020.
"Small businesses can claim an instant asset write of on when the asset was first used between July 1 2019 and November 20 2020," the said.
For individuals, Sparkes Accounting said that people could check for industry specific deductions on the ATO website.
"The most common you can may be able to claim are travel incurred between different workplace locations or for attending meetings, education that relates to income earnings, union fees, subscriptions relating to your occupation, tax agent fees, protective wear for work and donations," they said.
Sparkes Accounting also said it was important to hold on to receipts.
"You should always have receipts to substantiate what you are claiming. No record, no refund," the said.
"In the absence of receipts, the Australian Taxation Office may accept bank statements as well as BPay statements so you can use these as records of your purchase when filing tax deduction claims.
Without a receipt you can claim up to $300 worth of work-related expenses.
"However, you cannot pull this figure out of thin air. You must have a way of proving that the amount was actually spent on the stated purpose.
"While you don't have to outline every single expense that you incurred for work-related expenses, you must come up with a reasonable calculation to justify the deduction."
While tax time can be confusing, Sparkes Accounting said that the best thing someone could do is ask questions.
"There are many things to consider when making claims, everybody's situation is different," they said.
"Make an appointment and talk to a tax professional. If there is something you are not sure about or confused, ask the question."
"Make sure you have all information required for income and expenses for the financial year."