Work related car expense deductions
Are you?
– Claiming work-related car expenses?
At a glance:
– The Tax Office has simplified the methods of claiming car expense deductions for the 2015-16 financial year.
You should:
– Check the available methods you can use for car expense deductions.
– Contact us if you require any clarification or advice.
Only two methods are available to calculate car expense deductions from 1 July 2015. These methods are the:
- Cents per kilometre method – taxpayers can claim 66 cents for each kilometre driven for work or business purposes up to a maximum of 5,000 business kilometres per car per person without the need to provide written evidence; and
- Logbook method – taxpayers can calculate the business percentage use of their vehicle and claim that percentage of actual car expenses incurred during the year.
For more information, click here.
Remember:
– The Tax Office has updated its guide to claim work-related car expenses.
This article was published on 30/10/2016 and is current as at that date
This article is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this article. All information is subject to change without notice. We and each party providing material displayed in this article disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of the information or material in this article. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.