Small Business All Figured Out

009. Tax Bite: Car Expenses - The Logbook Method

March 05, 2020 Corinne Cole & Sheryl Cole Episode 9
Small Business All Figured Out
009. Tax Bite: Car Expenses - The Logbook Method
Chapters
Small Business All Figured Out
009. Tax Bite: Car Expenses - The Logbook Method
Mar 05, 2020 Episode 9
Corinne Cole & Sheryl Cole

Welcome to Small Business All Figured Out - The Tax Bite Edition

These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.

Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this episode, we're talking about how to use the Log Book Method to claim your car as a tax deduction.


In this episode, we cover:

  • What the definition of a car is, as per the ATO
  • What trips qualify as work-related travel
  • How the logbook method actually works and the details you need to record for work-related travel
  • The receipt evidence that must be kept when using this method
  • How long a logbook lasts and when you need to start a new one.


You can learn more about the show's hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

thenumberninjas.com.au

Show Notes

Welcome to Small Business All Figured Out - The Tax Bite Edition

These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.

Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this episode, we're talking about how to use the Log Book Method to claim your car as a tax deduction.


In this episode, we cover:

  • What the definition of a car is, as per the ATO
  • What trips qualify as work-related travel
  • How the logbook method actually works and the details you need to record for work-related travel
  • The receipt evidence that must be kept when using this method
  • How long a logbook lasts and when you need to start a new one.


You can learn more about the show's hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

thenumberninjas.com.au