Tick Tock - Time Running Out for Logbooks

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

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  1. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
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    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
     
    Paul@PAS, 11th Mar, 2016
    #1
    Heinz57 and EN710 like this.
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