Forum Discussion

PetaApps's avatar
30 days ago

Home Loan - Claiming office Space

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?

 

 

3 Replies

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator

    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:
     

    1. Go to "Accounting" and select "Chart of accounts."
    2. Click "Create account."
    3. Choose the appropriate account type, like an expense account for home office expenses.
    4. Fill in the account details, including name and number if needed.
    5. Save the new account.
    6. Ensure it's categorized correctly, such as under "Expenses" for home loan claims.
    7. 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

  • 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

    • DuncanS's avatar
      DuncanS
      Ultimate Partner

      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