From 1 July 2015 work related motor vehicle expense deductions for individuals are now limited to either
1) $0.66 per kilometre up to a maximum of 5,000 kilometres; or
2) A log book derived percentage of work related travel applied to eligible motor
If you believe this change will impact you, consider you may need to record a twelve week log book of work related and private travel between now and 30 June 2016 to gain the best available deduction.
Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.