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Interest deduction?

Posted 29 June 2015 under Tax Q&A


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Joe says:
24 June 2015 at 20:37

I run a part time business from home that earns me commission and a car allowance. The expenses I occur monthly is home based eh. Telephone. Internet etc. I currently have a personal bond on my house. Can I claim the interest portion of the bond as a deduction as I use my home to earn commission? Thanks.

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TaxTim TaxTim says:
25 June 2015 at 15:18

Yes you can, do you keep a specific office in your home?

Joe says:
25 June 2015 at 16:18

Thanks Tim. Yes I do have a office at home. Can I claim the entire portion of interest as a deduction? Also what about the assets I use in the business eg a laptop, furniture etc - Can I claim wear and tea on these assets?

Thanks

TaxTim TaxTim says:
25 June 2015 at 17:27

For the interest and the electricity and other home expenses you would need to take the portion of the office as a percentage of the entire property and use that percentage to apportion the house expenses and interest and that can be deducted. The assets can be depreciated for business use and deducted as such.

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