Are you one of the many South Africans who’ve been working from home since the pandemic? If so, you might be eligible for a significant tax break.
Why You Could Be Owed Money
When you work from home, you use your personal space and resources to fulfil your professional duties. This includes everything from your home office setup to increased utility bills. Fortunately, the South African Revenue Service (SARS) recognizes this and allows you to claim these expenses as deductions.
What Expenses Can You Claim?
A wide range of expenses can be claimed, including:
- Home Office Rent or Bond Interest: If you’ve dedicated a specific area of your home to work, you can claim a portion of your rent or bond interest.
- Home Office Repairs and Maintenance: Cost of maintaining your home office, such as painting or repairs.
- Utilities: Increased electricity and water usage due to working from home.
- Internet Costs: The portion of your internet bill directly related to work.
- Phone Costs: Business-related calls made from your home phone.
- Office Equipment: Depreciation on equipment like computers, printers, and office furniture.
- Cleaning Costs: Additional cleaning expenses incurred due to your home office.
How to Qualify for the Tax Break
To be eligible for these deductions, you must meet the following criteria:
- Dedicated Workspace: You must have a specific, regularly used workspace in your home.
- Majority of Work: More than 50% of your work must be done from your home office.
- Employer Agreement: Your employer should have a written agreement or communication confirming your work-from-home arrangement.
- Minimum Work Period: You must have worked from home for at least six months during the tax year.
How to Claim Your Tax Break
To claim your home office expenses, you’ll need to complete your annual income tax return and provide supporting documentation, such as invoices and receipts.
Need More Help?
If you’re unsure about your eligibility or how to calculate your deductions, consider consulting a tax professional. They can help you navigate the complexities of tax laws and maximise your tax benefits.
Don’t Miss Out on Your Hard-Earned Money
If you’ve been working from home, you may be entitled to a significant tax refund. Take advantage of this opportunity and claim your home office expenses today.
For expert advice and assistance with your tax return, contact us at BBP Law Attorneys. Our team is ready to help you maximise your tax benefits.
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