Tax Minimisation Strategy #9 – Car log book – maximise car deductions
Tax Minimisation Strategy #9 – Car log book – maximise car deductions
If you use your motor vehicle for significant business or work use (not travelling from home to and from work, unless carrying bulky equipment) you can maximise your motor vehicle deduction options, if you keep a 12 week log book for your motor vehicle expenses every 5 years.
This method gives you an option to claim a percentage of all your motor vehicle running costs such as fuel, insurance, registration, repairs, and the car depreciation and loan interest costs.