Work related car expense deductions
– 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.
– 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.
– The Tax Office has updated its guide to claim work-related car expenses.