Logbooks are used to record the business use of your motor vehicle as part of evidence to claim your motor vehicle expenses as a tax deduction and reduce FBT.
To correctly complete your logbook, you need to:
Once this is complete you can use this logbook for the next 5 years. Even if you change cars and your business use of the new vehicle is the same.
Your logbook can be recorded in a pre-printed logbook, you can buy these from a stationery store. You can else record it electronically, e.g. on spreadsheet or an approved app.
Please note: It is very important to record the odometer reading at 31 March if your claim is for Fringe Benefits Tax (FBT) calculations or 30 June if your claim is for a tax deduction.
When recording your logbook, please remember when your car is service, your mechanic will record the odometer reading on the car. Also the ATO can access your toll records.
At Key Tax Solutions we aim to provide you with advice when your business needs it, not just when you ask for it.
At Key Tax Solutions we are committed to forming close partnerships with our clients, enabling us to understand your unique situation and customise the assistance we provide to suit your requirements.
At Key Tax Solutions we offer a full range of free, easy to use, online resources.