If you wish to claim vehicle deductions using the logbook method it is important to ensure you have a valid logbook.

A logbook is only valid for 5 years and must cover at least 12  continuous weeks.

Your logbook needs to show all of the following:

  • the start and finish of the logbook period and the odometer readings at these times
  • the total number of kilometres travelled over the logbook period
  • the number of business kilometres travelled over the logbook period, based on the journeys recorded for the period
  • the business use percentage for the logbook period.
  • Vehicle registration, make, model and engine capacity

Entries in the logbook for each business trip must be made at the end of the journey and show the:

  • date the journey started and finished
  • odometer readings at the start and end of the journey
  • kilometres travelled on the journey
  • reason for the journey needs to be recorded 

How to keep a valid logbook is often an area of confusion, however please call our office on 1300 830 230 to speak to a Melbourne Accountant today.

If your in Melbourne, we can even arrange for a Business Accountant to travel to your home or office.

 

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Chris Guardiani CPA

Melbourne Accountant