Home Office

2012 year is here and you will need to complete your financials and tax returns again.

One of main things clients often forget to claim is the use of a home office.
A home office is residential property which is necessarily used in production of business income.

Example: Mr X has a property 20% of which he uses as an office or workshop. He can claim:

  • Mortgage Interest
  • Rates
  • Utilities
  • Homeowners insurance
  • General repairs
  • Depreciation-office equipment
  • depreciation-home.

So next time you receive a questionnaire from your accountant be sure to complete the Use of home office section and claim your entitled deductions.

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