CLAIMING CAR EXPENSESDo you use your car for work related travel?

CLAIMING CAR EXPENSES

If you use your vehicle for work purposes you may be eligible to claim a percentage of costs such as running costs like fuel, rego, insurance and services, and ownerships costs of finance interest and depreciation however to do thisyou need to complete a valid car logbook.

The logbook must cover at least 12 continuous weeks, which once completed will last for five years (unless you have significant business/work changes which will affect the amount you use the car for business/work purposes). If you are using the logbook method for two or more cars, the logbook for each car must cover the same period.

If you have not kept a log book for the past five years you must do a new logbook in this financial year.If you do not have a valid car logbook less than five years old you cannot use the ‘logbook’ method. You must use an alternative car claim method, which usually results in a reduced tax deduction.

LOGBOOK ENTRIES

Your logbook must also show details of each business trip. You must write down:

• The date the journey began and the date it ended

• The car’s odometer readings at the start and end of the journey

• How many kilometres the car travelled on the journey, and

• The reason for the journey.

The logbook entries must be made at the end of the journey, or as soon as possible afterwards, and they must be in English. Your records must also show the make, model, engine capacity and registration number of the car.Note – you do not have to complete any private travel trips in the car.

Below is an example of the details you need to record, which we recommend you buy a car logbook from your local petrol station or Newsagents to complete these details.

DATE ODO - Start ODO - End TOTAL Reason of business travel

If you have any queries, please don’t hesitate to call Account(able) Accountants on 5366 1000

Disclaimer: This information has been prepared as information for clients of Account(able) Accountants only. While every effort has been made to ensure that the information contained in this information is free from error and/or omissions, no responsibility can be accepted by Account(able) Accountants. Clients should not act solely on the basis of the material contained in this Information Sheet, due to changes that can occur in legislation and their personal circumstances. Items herein are general comments only and do not constitute or convey advice per se. We recommend that you seek our formal advice before acting in any of the areas.This information sheet is issued as a helpful guide to Account(able) Accountants’ clients for their private information, and not be made available to any person without our prior approval.

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