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Tick Tock - Time Running Out for Logbooks

Discussion in 'Accounting & Tax' started by Paul@PFI, 11th Mar, 2016.

  1. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    18th Jun, 2015
    1. Do you claim work related or business use of a car (incl ute, 4WD, wagon etc) ?
    2. Does your deduction typically exceed $3K ?
    3. How old is your logbook ?

    If your answers to the first two questions are yes then the final question needs to be under 5 years. Otherwise a new logbook is needed asap.

    During the 2016 year vehicle deductions will only be available under two methods:
    1. Cents per Km at 5,000km per vehicle at a reduce 66cents rate OR
    2. Logbook method
    The former simplified 1/3rd of expenses and 12% of cost methods are no longer available.

    So if the logbook isn't current, valid or has never been completed ! then the deduction may be limited to just $3300. If a logbook is needed its time to get moving. ATO info here
    Heinz57 and EN710 like this.