Vehicle Log Book or Kilometres

Vehicle logbook or kilometres

VEHICLE LOGBOOK OR KILOMETRES is a user-friendly way to record your kilometres throughout the year.  You can use it to keep full log book odometer records or simply record your business or work related kilometres.

TIPS, HINTS & LINKS
Home takes you to https://www.taxrecord.com.au/home/

APPLICATIONS VEHICLE LOGBOOK – record business kilometres only do not record private kilometres.

Complete the following:

  • Date Journey start and end
  • Opening odometer at start of journey (you can enter opening and save)
  • Closing odometer at end of journey (edit entry with opening by clicking on the pencil)
  • Business kilometres travelled will automatically be calculated
  • Standard Paragraphs – select or create a new paragraph if required.
  • Reason for journey eg visit client, do banking etc

Standard Paragraphs – Is a feature enabling you to save information that is required for regular journeys without having to re-enter repeatedly. You can create, save and manage as many standard paragraphs as you need which are then made available in the dropdown box for selection when recording a new journey.

REPORTS
Generated – Shows reports generated. Data is as at generated date a new report must be generated to reflect any changes.

Total Bus kms & % – enter start date and end date and click “generate report”.  This will generate a “Business kilometres and percentage report”, showing total business kilometres and the business percentage travelled for that date period.

Listed kms by date – enter start date and end date and click “generate report”.  This will generate a report showing all business kilometres and details for an entered date period.

All Reports can be saved to your device or printed using the information on the screen.

USEFUL INFORMATION:
Cents per kilometre method
You need records showing how you calculated business kilometres travelled and the amount of the claim – for example, diary entries and documents you can use to show the engine capacity of your car.
Log Book Method
If this is the first year you have used the logbook method, you must keep a logbook during the income tax year for at least 12 continuous weeks. If you started to use your car for business purposes less than 12 weeks before the end of the income year, you can continue to keep a logbook into the next year so it covers the required 12 weeks. If you want to use the logbook method for two or more cars, the logbook for each car must cover the same period.
Each logbook you keep must contain the following information:

  • when the logbook period begins and ends
  • the car’s odometer readings at the start and end of the logbook period
  • the total number of kilometres the car travelled during the logbook period
  • the number of kilometres travelled for work activities based on journeys recorded in the logbook – if you made two or more journeys in a row on the same day, you can record them as a single journey
  • the business use percentage for the logbook period.

If you established your business use percentage using a logbook from an earlier year, you must keep that logbook and maintain odometer records in the following years.
Each logbook you keep is valid for five years provided the business use doesn’t change.

USEFUL LINKS:
ATO Car expenses and logbook:
https://www.ato.gov.au/business/income-and-deductions-for-business/deductions/motor-vehicle-expenses/claiming-motor-vehicle-expenses-as-a-sole-trader/logbook-method/

https://www.ato.gov.au/Individuals/Lodging-your-tax-return/In-detail/Record-keeping/Keeping-your-tax-records/

https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Vehicle-and-travel-expenses/Car-expenses/

Disclaimer
The information included on these pages is of a general nature and should be used only as a guide. Information may apply differently to different people in different circumstances. Taxation and related laws and practices can change frequently and without warning and caution must be exercised when relying on any information. Advice specific to an individual’s situation should be sought from a qualified and, where required by law, registered source.

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