9 August 2021
You can claim a deduction for motor vehicles expenses that are part of the everyday running of your business – but you can only claim the business portion if your vehicle is for both business and private use.
Depending on whether you’re a sole trader, partnership, company or trust and the type of motor vehicle you drive (for example, a car, ute or motorcycle), you may be able to use the:
If you use the logbook or actual costs methods, you can generally claim a deduction for depreciation. For the 2020–21 income year, the limit you can use to work out your claim is $59,136, or the cost of the vehicle if it’s under this amount.
You need to keep records showing how you calculated your claim for five years.
Remember, registered tax agents and BAS agents can help you with your tax.
Find out about:
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