Published on July 20, 2020 10:21 am, by Pete Lalor
Using your phone for work purposes may allow you to claim a tax deduction if you paid the costs and you have records to support your claim.
The key things you need to consider are:
The Australian Taxation Office (ATO) has also announced special “short cut method” for claiming a tax deduction for working from home expenses due to COVID-19, If you use this method it includes phone expenses so you cannot also claim a specific deduction for phone expenses. If you use the other methods for calculating deductible work from home expenses, known as the “fixed rate method” and the “actual cost method”, you can claim separate amounts for phone expenses.
MoneyBrilliant can help you track your phone expenses as well as other tax-deductible expenses so you claim everything you are entitled to.
You can get more information on claiming deductions for the phones and phone calls from the ATO website or your tax adviser.
This summary has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711). The information in this summary is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice or taxation advice you should seek advice from a licensed financial adviser or tax agent. You may also be able to access additional information from the websites of the Australian Securities and Investment Commission (ASIC) or the Australian Taxation Office.
Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.