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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:
McKinley Plowman
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