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No, we aren’t talking about signing up as an Uber driver!
This is a very interesting topic of discussion when it comes to Tax & Accounting, cars are seen as the only asset to lose its value very quickly. The usual approach to claiming a benefit for your car is to provide your accountant how many work or business kilometres you have travelled. What most people aren’t told is that this is capped to just 5,000 kms and you are only allowed to claim 66 cents in the dollar. This effectively gives you a deduction of $3,300 per year.
Many of our clients here at Win Accounting travel much further than 5,000 kms during the financial year travelling to multiple sites as well as to temporary residences.
The Australian Taxation Office (ATO) actually allow for another method to maximising your car deductions by way of a motor vehicle logbook. This opens up many more opportunities to claim back your taxes ranging from running expenses, maintenance as well as kilometres travelled!

How do you do this?

Certainly! This method also allows you to depreciate the entire value of your motor vehicle for tax purposes.
For example:
Let’s say your vehicle costs $50,000, this will be depreciated every year for 5 years.

Win Accounting have developed a simple template that we hand out to our clients at the beginning of every financial year. We tell them to keep this and a handy pen in their car and record their Start km’s and End km’s every day they use the vehicle for a total of 12 weeks. This then becomes sufficient evidence from an ATO perspective to be annualised.
We also ask our clients to let us know of all running costs for this period such as fuel, services and replacement parts. The logbook caters for this too!

Is There Anymore We Can Do With This?

By working closely with your Accountant throughout the year, you come to the conclusion that your business or work usage of the vehicle is 50%. This would mean that every year you can claim an additional $5,000 every year for 5 years in your income tax return (being 50% of $10,000).
This effectively allows you to make back all the value you lose from the day you buy your car! Don’t let anyone tell you a car is a bad investment.

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