Tax tip #2 vehicle log book

Keep a vehicle log book

An easy tip in order to be super organised for the next tax year is to start tracking your work km's now. Keep your vehicle log book up-to-date so come tax time next year you already have all the records you need.

In order to make a claim you need to ensure you keep an accurate and complete motor vehicle log book for at least a 12-week period prior to 30 June 2018. Start now and keep for three months this year, then you don't need to think about it again next year other than to make a record of your odometer reading at 30 June. In addition, keep all receipts and invoices for your motor vehicle expenses.

It's important to remember that you can only claim a deduction for work-related car expenses if you use your own car in the course of performing your job as an employee. Most people can't claim the cost of travel between home and work because this travel is private.

For more details about what you can and can't claim, see the ATO website or contact our Advisors to ensure you're doing all you can to minimise tax.

Ph 03 8850 3333 or email obrien@obbc.com.au.

Office

Suite 2

50 Upper Heidelberg Rd

Ivanhoe VIC 3079

Postal

PO Box 500

Ivanhoe VIC 3079

Phone

03 8850 3333

Fax

03 8850 3330