INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Calculating car expense deductions
TABLE OF DIVISIONS
| 1 | Overview of the main points in this Schedule |
| 2 | Choosing which method to use |
| 3 | The ``cents per kilometre'' method |
| 4 | The ``12% of original value'' method |
| 5 | The ``one-third of actual expenses'' method |
| 6 | The ``log book'' method |
| 7 | Keeping a log book |
| 8 | Odometer records for a period |
| 9 | Retaining the log book and odometer records |
| 10 | Situations where you don't need to use one of the 4 methods |
| 11 | Definitions of ``car'', ``car expense'', ``holding a car'' and ``owning a car'' |
The log book must cover a continuous period of at least 12 weeks throughout which you held the car. If you hold the car for less than 12 weeks, the period must be the entire period for which you held the car.
Note: For the definition of ``holding a car'' see section 11-3 .
7-3(2) [Income years may overlap]The period may overlap the start or end of the income year, so long as it includes part of the year.
7-3(3) [Two or more cars]If you want to use the ``log book'' method for 2 or more cars for the same income year, the log books for those cars must cover periods that are concurrent.
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