MWL FINANCIAL GROUP
SECTION – YOUNG ENTREPRENEURS
SUBJECT – Vehicle log book requirements
Hi I'm Matt Laming, Structures Advisor for Young Entrepreneurs and start ups at MWL Financial Group
Vehicle log books a question many times asked and much misunderstood
If I drive a commercial vehicle – 1 that has a carrying capacity of more than 1 tonne or carrying more than 9 passengers - you probably do not need a log book. If I drive a car for work purposes but I would travel less than 100km per week then I need what is termed a real time log book for the entire year. The log book is then all that is needed to claim the tax deduction.
If however you use a vehicle more than that you need to keep a log book for a 13 week period to then justify the percentage of the total expenses claim that can be made. Of course then you need to keep all the relevant receipts.
For more information contact us at email@example.com and either me, Matt Laming or one of our experts will be more than happy to help.