Motor vehicle. If you use your motor vehicle for business purposes and travel more than 5,000 business kilometres during the year you can maximise your deductions by keeping a log book and/or keeping all documents to substantiate expenses.
Alternatively, if business kilometres are less than 5,000 kilometres per annum you will probably obtain a greater benefit by claiming the cents per kilometre method by keeping a list of the business travel during the tax year….even travel to visit your accountant. Unless you can substantiate your kilometres by reference to diary entries etc, or document your expenses, claims for motor vehicle usage should not be made.
Please also advise us of:
- Interest and Dividends received
- Rental property income and expenses
Provide copies of:
- PAYG Payment Summaries;
- Medical insurance fund annual notice;
- Solicitor’s statement if you purchased or sold a rental investment property during the year;
- Log book if you have work related motor vehicle expenses.
Notify any changes to your:
- Home address, contact phone number
- Dependent spouse or children
- Job description