Work-related Deductions

Tax Season 2020 is just around the corner

Tax Season is literally around the corner and the team at HKS Russell wanted to provide a quick checklist on the types of deductions available. 

Find below a quick checklist of the types of deductions available to you:

HKS Russell - Tax Deductions
Tip: Make sure you keep copies of receipts for any work-related expenses you are claiming.

Getting used to working on the couch in your PJ’s…

With the kids back at school working from home just got that little bit easier, so why not try doing your Tax from the couch this year.

While it will still require an appointment, we are available for on-line meetings in a number of different formats from FaceTime to Zoom, we even have our own video conferencing system that doesn’t require you to download or install anything. As for sending us receipts there are a number of good PDF scanning Apps available these days, we have trialled one called “Genius Scan” that is free on Apple or Android, and after using it on both platforms we have found it easy to use with good results.

Online meetings aren’t every ones cup of tea, but for those of you who want to give it a try this year, let us know and we will make it happen.

Contact us via (07) 3177 4120 or advisors@hksrussell.com

Charisse Russell
Charisse Russell – Director + Principal

Tax Deduction | working from home

If you’re looking at claiming a deduction for working at home due to being affected by the COVID-19 virus, now you can.

The ATO have advised that during the period from 1 March 2020 to 30 June 2020, you can use the “shortcut” method and apply a fixed rate of $0.80 per hour for all additional running expenses.

Additional running expenses are:

  • electricity expenses associated with heating, cooling and lighting the area of which you are working and running items your are using for work;
  • cleaning costs for dedicated work area;
  • phone + internet expenses;
  • computer consumables {for example ink, paper} + stationery;
  • home office equipment including computers, printers, phones + furniture + fittings

In order to claim the “shortcut” method, you must keep a record of the number of hours you have worked from home as a result of COVID-19. Examples are timesheets, diary notes or rosters.

NB: if you choose the shortcut method to claim a deduction, you must state “COVID-hourly rate” when lodging your return with the ATO.


Claiming the ACTUAL COST METHOD

If you decide to claim the “actual cost method” AND not use the $0.80 per hour as above, then you need to determine the “separate or dedicated area of your home set aside for working” i.e. m2.

You need to ensure that:

  • you must keep copies of all receipts relating to the costs;
  • you cannot claim a deduction if your employer has reimbursed you for any of the costs stated above;
  • any item that costs >$300 must be depreciated over the life of the asset;
  • calculate the “work-related” portion only i.e. DO NOT include the private portion.

If you would like assistance or clarification on the above, reach out to the team @HKSRussell who would be more than happy to assist.

Stay safe + strong.

Charisse Russell
Charisse Russell | Director + Advisor + Mentor

COVID-19 stimulus package | Round 2 announcements

Supporting our valued clients + the community is our priority. It’s okay to feel overwhelmed right now and “to not be okay”.

HKS Russell + the team are available to assist + navigate you in these trying times.

Below is a summary of the recent announcements made by the Government.


Individuals | assistance for you

Families | assistance for you


Supporting households

Small businesses | support for you


Affected regions + sectors

Cash flow support for small businesses

Supporting investments – small businesses

Financially distressed businesses

Supporting credit for small businesses

The team at HKS Russell are here to support you…

Email us: advisors@hksrussell.com             Contact us: (07) 3177 4120