April is here and we are only a few months away from the end of the financial year so I am going through the task of recording my business trips using a fully compliant logbook. I haven’t had to do this for a number of years, however with the removal of the 12% cost method (and also the 1/3rd log book method) from 1/7/15, I have decided to complete a log book in order to maximise my motor vehicle deduction. If I didn’t complete the log book then the only method available for me to support a motor vehicle deduction would be the set rate method which would only give me a maximum deduction of $3300 (5000km * 66c/km).
Although I have only been going for about 4 weeks, I have been a bit surprised by the business % of ~70% which is higher than what I would have thought. So to this point the exercise appears to be worthwhile.
Of course it goes without saying that you should consider your circumstances before deciding to act on this however if you have any queries please feel free to contact me or our office.
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