80¢ per hour work-from-home deduction method extended

Taxpayers continuing to work from home in the new year will be allowed to continue using the simplified working-from-home deduction method following a third extension by the ATO.

The 80¢ per hour shortcut method, introduced in April 2020 in response to COVID-19, will now be in place until 30 June 2021.

This is the third time the Tax Office has chosen to extend the shortcut method, after it was first due to expire at the end of the last financial year, then September 2020, and more recently, at the end of December 2020.

Conversely, the ATO’s updated Practical Compliance Guideline 2020/3 no longer states whether further consideration will be given to extend the latest end date.

The new extension comes as NSW continues to contain an outbreak of COVID-19 infections that began on the Northern Beaches a week before Christmas.

Victoria has since recorded new community transmission cases, with the state government now moving to push back plans for workers to return to the office from next Monday to a week later.

The temporary shortcut method will continue to be supplementary to the 52¢ fixed-rate method and the actual cost method of calculating running expenses, with taxpayers able to choose the appropriate method for their circumstances.

View the ATO’s updated PCG 2020/3 here.

Jotham Lian
07 January 2021
accountantsdaily.com.au

Mark Lisle

Mark is our managing partner and has been with the firm for over 36 years. He brings a wealth of experience in all areas of our business, including business advisory, taxation and self managed superannuation.

Mark’s ethos is that good advice stems from working closely with our clients and being prepared to go that extra step to assist them in meeting their goals and optimising their financial position.

Mark is a Fellow of Chartered Accountants Australia and New Zealand, an accredited SMSF Specialist and a registered SMSF auditor.

Outside of work, Mark enjoys trying to keep fit and spending time down at his “second home” in Port Fairy.

Josh Laing

Joshua began working at Rundles in 1999 whilst still completing his Bachelor of Business (Accountancy) degree at RMIT. After graduating in 2001 he was admitted to the Institute of Chartered Accountants Australia and New Zealand in 2004. Joshua spent two years working in London before returning to Rundles in 2006.

Josh has a wealth of knowledge across a broad range of industries as well as in Self Managed Superannuation. Josh enjoys working with family groups and businesses to ensure they’re structured correctly to maximise asset protection, succession planning and management of tax.

Married with 2 children, Josh spends his weekends with his family and following the Tigers.

Brad Roach

Brad has been a part of the Rundles Team since 1996 and became a Partner of the firm in 2014. During his time at Rundles, Brad has developed a strong relationship with his clients across a wide range of industries and is dedicated to assisting them to reach their personal and business goals.

Brad is passionate about seeing his clients succeed and utilises his extensive experience in public practice to provide a holistic service to his clients. He also has a wealth of experience in superannuation, particularly self managed superannuation funds.

In his spare time, Brad likes to play a round of golf with friends and enjoys watching his two sons play various sports.

Peter Davison

Peter graduated from RMIT with a Bachelor of Business (Accountancy) with distinction in 1976. He joined Rundles upon graduating. Peter has been a member of the Institute of Chartered Accountants since 1979 and a Fellow since 1991. As an active yachtie of many years, Peter can often be found on the water. Otherwise, he and his wife spend time with their friends and extended family.

Sandy Gilbert

Sandy was admitted to the Institute of Chartered Accountants in 1973 and has been a Fellow since 1983. He gained extensive experience in auditing and accounting services over seven years at Pannell Kerr Forster before joining Rundles in 1973. Sandy is married with three children. A former amateur footballer of some note, Sandy is still an avid follower of the game and enjoys weekends at his country retreat.