Work Utes – Do you need a Log Book?

Some tax-payers are under the misconception that if they drive a utility for work, they are not required to keep a log book to substantiate their claims.  However, with the ATO increasing audit activity in most areas, including work related expenses, we want to highlight some of the issues they will have with claims for Car Expenses.
 

Essentially, unless the private use of the vehicle is minor, infrequent and irregular, you will be required to keep a log book to support your work related use.  (And unfortunately, use of the vehicle on weekends to go surfing or the like does not constitute irregular.)

Please see the Factsheet on our website for more information, and be sure to discuss your circumstances with us when we complete your tax returns.

Key Dates between now and the end of January 2012 include:

21 December 2011:  Monthly BAS/IAS for November 2011 due for lodgment
21 January 2012:  Monthly BAS/IAS for December 2011 due for lodgment
28 January 2012:  Superannuation Guarantee Contributions due for quarter ended 31 December 2011