Plowman

Top
Time Running Out to Start a Log Book

Time Running Out to Start a Log Book

From 1 July 2016 individuals are only able to use the cents per kilometre method or log book method for claiming car expense deductions.

The ATO has issued a reminder that taxpayers wanting to use the log book method need to ensure that their car usage is recorded for a minimum continuous period of 12 weeks.

This means that if you are planning to use the log book method for the 2016 income year, you may want to consider starting a log book soon if you have not already done so.

If you do not have a valid log book, then you will be forced to use the cents per kilometer method for claiming car expenses in the 2016 income year, which may provide a worse tax result, especially if you do use your car extensively for business purposes.

written by:

Thinking about becoming a client?

Book your free, no obligation consultation right now at either our Joondalup or Perth Office via our online booking system or get in touch to find out more.

Already a client and want to get in touch?

Send us an email via our enquiry form or give us a call today.