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'' |
You must retain your odometer records relating to the period when you held the car in the income year.
Note: For the definition of holding a car see section 11-3 .
9-3(2) [Where log book kept]If you keep a log book for the income year, you must retain the odometer records for the same period as the log book, and section 9-2 applies to them in the same way as it applies to the log book.
9-3(3) [Where no log book kept]If you don't keep a log book for the income year, you must retain the odometer records for the same period as written evidence of a car expense for the car for the income year, and section 3-3 of Schedule 2B applies to them in the same way as it applies to written evidence of an expense.
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