Work from home? Beware a nasty tax shock

By Max Newnham
Updated October 23 2012 - 12:18pm, first published 11:24am
If your house has been used as a home office, you might be liable for capital gains tax when you sell.
If your house has been used as a home office, you might be liable for capital gains tax when you sell.

Many small businesses are started from home. In some cases they migrate to premises of their own, while others continue operating from home occupying their own space. In this latter situation the expenses a business can claim will vary depending on tax office criteria. Sometimes a business can claim a percentage of occupancy costs including interest on a loan and rates. However, having the capacity to claim these costs can come at a cost in itself.

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