How long is it since you completed a motor vehicle log book?
2 July 2012
If you rely on the log book method to claim your motor vehicle expenses, you should be aware that the Australian Taxation Office (ATO) requires you to complete a log book every five years, or prior to this if your circumstances change.
The log book must be completed for a 12 week continuous period and it is expected that this period should be representative. If you wish to use the log book method for more than one car, the log books must be completed in the same period.
If using the log book method, the ATO requires the odometer reading of your car to be taken each 30 June – so please remember to do this.
If you change cars during the year but the new car essentially does the same activity as the old you can nominate to apply the previously completed log book to this new vehicle. You are however required to record the odometer readings of the old car as replaced and the new car as taken on.
If you would like more information please contact your local Boyce Accountant.
Kathy Kelly, Director - Boyce Cooma