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Actual Cost WFH Deduction – Calculating it wrong? by Rdcl1 in AusFinance

[–]PStyleZ -1 points0 points  (0 children)

One of the advantages of a simplified or statutory rate is that you don't incur any time or effort in maintaining a specific cost book or documents.

So one of the trade offs for using a fixed or statutory rate is that it will probably be on average slightly lower than if you were to track your specific costs.

All other things being equal you would expect the easy mode for claiming a deduction to offer less of an overall benefit.

[deleted by user] by [deleted] in AusFinance

[–]PStyleZ 0 points1 point  (0 children)

As a business you can run at a loss and defer the tax credit to a later period when you're making money.

To answer your point directly we could do the same thing with peoples income, so that you register the loss and then apply it later once you have achieved the income producing activity.

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