Tired of manually figuring out costs for your tax claims?

Inland Revenue has standard rates to make things easier.

These pre-set amounts mean you don’t have to hunt down receipts for common expenses, saving you a lot of time.

Here’s what you can claim using standard costs:

• Business use of home: $53.10 per square metre of your home office space.
• Homestay costs: $61 per day if you own the property; $55 per day if you rent the property.
• Boarders: Claim $231 per week for each boarder you accommodate. Note this is only if you provide meals. It doesn’t apply to ordinary flat mates.
• Childcare providers: $4.45 per child per day; $435 annual fixed administration fee.

The benefits of standard costs include:

• Convenience: No need to collect and store receipts for specific expenses.
• Efficiency: Saves time on expense calculations and record-keeping.
• Simplicity: Provides clear and readily available rates, which Inland Revenue revises every year.