Don’t neglect your motor vehicle log book

Driving - Remember your log book

Remember to fill in your log book

One of the most often forgotten pieces of tax information is the completing of a motor vehicle log book.  This is a requirement to substantiate your claim and most importantly maximize the deduction you may be entitled to claim.

If you complete less than 5000 work related or business kilometres a year then the keeping of a log book is all you have to do. Over this amount then obtaining receipts for everything you spend on you motor vehicle may benefit you even further.

I hear what you are saying. I never think of it when I leave and I just don’t have the time to complete it and when I remember there is never a pen handy.My suggestion for those technically minded is to use your mobile phone with logbook apps available to assist you keep these records. Anyone using a handwritten diary there are some which have specific pages to record this or even on the day if you do not do a lot of business travel.  Then if you do not use these, go get a log book from any newsagent, cover it with a brightly coloured contact so it is highly visible and then get a clip on pen or even punch a small hole in the cover and tie a pen to it.

We are all creatures of habit and once you make a conscious effort to do it then you will find it becomes easier and you will remember automatically.

If you do over 5000 kilometres in a year and any three month period is a reflection of the full year then you must keep the log for at least thirteen (13) consecutive weeks. Remember to note the vehicles kilometres on the clock on the 30th June each year.

For any vehicle with an engine capacity over 1600 cc’s then keeping a log can give you a tax deduction of 74c a kilometre or more, which may add up to a reasonable tax benefit over the year.

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