SUBJECT – Vehicle log book requirements
Hi I'm Kath Appleby, Business Advisor with over 20 years experience at MWL Financial Group specialising in medical practices
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 contemperous 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 firstname.lastname@example.org and either me, Kath Appleby or one of our experts will be more than happy to help.