Maximise Car Tax Deductions with GoTax

Claiming Your Car on Your Tax Return

If you use your car for work tasks like running errands, visiting customers, driving to different work locations, or carrying bulky equipment that can't be left at work, you may be eligible for a tax deduction. Learn how to claim these expenses on your income tax return effectively.

Index

1. Car Expenses on Your Income Tax Return
2. The Easy Way: Cents per Kilometre Method
3. The Hard Way: Logbook Method
4. Preparing Your Tax Return
5. Tools to Maximise Tax Deductions

1. Car Expenses on Your Income Tax Return

When claiming car tax expenses on your online income tax return, there are two primary methods recognized by the ATO:

• The Easy Way: Cents per Kilometre Method
• The Hard Way: Logbook Method

2. The Easy Way: Cents per Kilometre Method

The Cents per Kilometre method is straightforward and less time-consuming. Follow these steps to claim your car usage:

• Keep a diary of your travel details.
• Total up the kilometres at the end of the year.
• Claim up to 5000 KMs at 85 cents per kilometre (2024).

"We will help you get the best tax deduction possible!"

3. The Hard Way: Logbook Method

Although more complex, the Logbook Method may yield a bigger refund. Here's what you need to do:

• Keep a logbook for 12 consecutive weeks.
• Ensure your logbook lists the following:
  • Date of travel
  • Reason for travel (be specific, not just "work")
  • Starting location
  • Destination
  • Odometer readings (start and end)
  • KMs travelled

Your logbook determines the percentage you can claim for these tax expenses:

• Fuel
• Registration & Insurance
• Repairs & Maintenance
• Interest on car loan
• Depreciation (claiming the car's cost over several years)
• Lease payments
• Cleaning

4. Preparing Your Tax Return

Take advantage of our user-friendly Gotax system. Enter your car expense details, Gitax does all the behind the scenes calculations to make sure you claim the best tax deduction possible.

5. Tools to Maximise Tax Deductions

To simplify tracking your car usage and other expenses, use the GoTax Deduction Grabber app. It ensures you never miss a tax deduction again, helping you achieve the maximum tax refund.

• Track your car's usage with GoTax Deduction Grabber
• Scan the QR code to get started

Claim your car expenses with ease using GoTax Online's etax return system, designed to help you get the best tax result possible.

So visit Australia's easiest tax return system at www.gotax.com.au and get started now.

Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.