From 1st July 2022 the cents per kilometre deduction rate for car expenses was lifted to 78c and applies to eligible taxpayers who elect to use the cents per kilometre method when calculating income tax deductions for their work related car expenses.
The move to 78c comes after the ATO was criticised after saying it would lift the deduction to 75c from July in mid March – with many noting it would leave millions of taxpayers short-changed and did not reflect the stark rise in petrol prices in 2022.
Please do not hesitate to contact our office on 9387 5637 if you require advice in relation to the most appropriate method for you to claim your work related car expenses.
Source: Accountants Daily
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
…very professional, well prepared and organised. They have given us great business and personal tax advice, offered us good business insights, and more general personal planning advice too.
They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
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Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.