Home Loan - Claiming office Space

Question

Hi there

how do i make a new account so i can claim a portion of my home loan because i have an office set up in my home?

DuncanS · Answer

@gavin12345 @PetaApps @Earl_HD

Peta,

I agree with Gavin.

Do you have a business with an address registered at your home?

Have you completed a Floor Plan?

Take Care and talk to your Tax Accountant in detail.

Duncan

gavin12345 · Answer

HI @PetaApps

Don't get too adventurous before checking with your tax adviser. My understanding is that costs like rates, insurance, interest etc not generally deductible for a home office. If you are a doctor and you convert one room to a consulting room then yes a portion based on area would be deductible, but not for working from home etc.

Regards

Gavin

Earl_HD · Answer

Hi @PetaApps,

Thanks for your post, and welcome to the Community Forum! In this situation, it's best to consult an accountant for precise guidance. However, here are simplified steps for adding an account in MYOB Business:

* Go to "Accounting" and select "Chart of accounts."
* Click "Create account."
* Choose the appropriate account type, like an expense account for home office expenses.
* Fill in the account details, including name and number if needed.
* Save the new account.
* Ensure it's categorized correctly, such as under "Expenses" for home loan claims.
* Record related transactions by categorizing them under this account.

Please see this help page for more information: Adding, editing and deleting accounts

Feel free to post again, we're happy to help!

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Regards,
Earl