INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 28 - Car expenses  

Subdivision 28-I - Retaining the log book and odometer records  

SECTION 28-150   Retaining the log book for the retention period  

28-150(1)  
You must retain the log book:


(a) first, until the end of the latest income year for which you rely on the log book to support your calculation of the * business use percentage for the * car; and


(b) then for another 5 years.

The period for which you must retain the log book is called the retention period .

28-150(2)  
The 5 years start on the due day for lodging your * income tax return for that latest income year. If you lodge your return later, the 5 years start on the day you lodge it.

28-150(3)  
However, the * retention period is extended if, when the 5 years end, you are involved in a dispute with the Commissioner that relates to a deduction worked out using a * business use percentage that you are relying on the log book to support. See section 900-170 .

28-150(4)  
If you do not retain the log book for the * retention period, you cannot deduct any amount worked out using a * business use percentage that you are relying on the log book to support. If you have already deducted such an amount, your assessment may be amended to disallow the deduction.

28-150(5)  
For the purposes of the rules about retaining and producing records of expenses (see Subdivision 900-G ), the log book is treated as a record of the * car expenses for each year for which you use a * business use percentage that you are relying on the log book to support.

28-150(6)  
If you lose the log book, there are rules that might help you in section 900-205. For the purposes of the rules about relief from the effects of failing to substantiate (see Subdivision 900-H), not doing something required by this Division is treated in the same way as not doing something necessary to follow the rules in Division 900 .


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.