Whether you are in business or an employee, your work responsibilities may require you to use your own vehicle. You may need to visit clients, travel between locations, make home calls, etc; this is when you need to seriously consider keeping a car logbook.
I have a question; do you want to be leaving valuable tax deductions unclaimed for carrying out your work responsibilities, whilst using your own vehicle?\
Let me take a guess and say you answered no; you will more than likely be paying more tax than you should be if you do not keep a logbook. By keeping a logbook, you can ensure you are achieving the maximum vehicle tax deductions each and every year.
How you ask?
By keeping a logbook, you will be able to determine the business percentage that your vehicle has used, and this will in turn determine the percentage of vehicle expenses you can claim back as a tax deduction each year from the ATO (and if appropriate, a percentage of the GST on the car expenses can be claimed back each quarter on your BAS). I’d say that is very much worth keeping a logbook for.
Keeping a logbook is as simple as ensuring you record the start and end odometer readings, the total kilometres travelled, the business percentage use and the reason for each journey. It’s honestly that simple!
You want to hear one more benefit of a logbook other than money?
Of course you do, well this logbook can be kept for up to 5 years before needing a new one, and it can be in either hard copy or electronic format.
Not only have we briefly explained what a logbook is but we also have discussed the A-Z of Car Logbooks in our podcast. It will be posted on the 1st of August 2019 and can be found both on our YouTube page and in the podcast app.
If you are a more visual person, we also have Adrian Hill going over the A-Z of Car logbooks in a webinar he hosted, it will also posted on our YouTube page on the 17th of August 2019.
So not only do we have a blog, but we also have a podcast audio / visual and a webinar for all of you to access anywhere at any time!
Does it get much better than that?
Save those dates and keep an eye out on all of our social media platforms for when the podcast and webinar are released.