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The Pub For General Automotive Related Talk |
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#1 | ||
Uterus M.I.A.
Join Date: Dec 2004
Location: Gold Coast
Posts: 1,459
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So I thought I would ask the question on here to see if any one has some recommendations.
I use my vehicle a lot for work and also visiting investment properties etc. Starting to get sick of piles of faded reciepts etc Is any one using a non business fuel card or the like to track their fuel usage for the finacial year?
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#2 | |||
Performance Inc.
Join Date: Aug 2008
Location: In a cave
Posts: 2,554
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If the car you are using is both for private transport and work use the receipts are not worth anything if the mileage is not recorded in a vehicle log book available from any newsagent.
You have to keep the log book for a minimum of 3 months and show all km both private and business and can only claim cents per km for business use. Think about it you have a receipt for $80 for fuel but how much of that fuel was used for work and how much was used dropping hectic skids with your mates on saturday night? The tax office don't care about receipts that does not prove business use. If you have 2 cars registered in your name and have a log book that shows one car full business use use a log book for 3 months show 0 private miles and claim every service tyre and fuel if not you can only claim km rate and a portion of maintenance costs the % is calculated from the log book.
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#3 | ||
FF.Com.Au Hardcore
Join Date: Jun 2005
Posts: 5,193
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I use credit card statement, then just tally up on a spreadsheet my total cost. Plus log book for business use percentage.
Never pay cash for anything so credit car is a perfect record of my expenditures. |
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#4 | ||
Boss 335
Join Date: Jan 2006
Posts: 4,330
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so for a petrolhead business owner, the best way to burn up the tax man's dollars is more power, less economy and drive in manner that is least economical.
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#5 | |||
Same ****-Different Day
Join Date: Oct 2008
Location: Northern Vic
Posts: 1,287
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Quote:
Unless it's 100% business. https://www.ato.gov.au/Business/Inco...per-kilometre/
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Bax. Current Vehicles RA Wildtrak V6, UA2 Everest Trend 2.0lt |
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#6 | |||
I am Batman
Join Date: Jul 2010
Location: Central Coast
Posts: 1,764
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Quote:
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Rebuilt Boss260 with #Kellogs 1500hp forged and balanced crank#Manley forged flattop pistons with a 9.5/1cr#4340 forged h-beam rods with arp bolts#Clevit performance rod and main bearings#full ARP headstud kit#total seal rings#Mantic twin plate development clutch and lightened flywheel#Mellings uprated oil pump#Mainforce Performance Supercharger kit#AU motorsport 345mm big brake kit. Now sat on an engine stand going nowhere
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#7 | ||
Regular Member
Join Date: May 2012
Location: Perth
Posts: 349
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I must have been to idiotic accountants.
I don't own a business, but am a carpenter by trade working on wages and travel to different sites everyday lugging my own tools. I was told that I can only claim travel between sites and not "To" site. Can anyone shed a little more light on that for me because the boys at work are claiming every kilometer and getting big tax returns every year where as I am literally scraping the barrel when I get mine. They are collecting $1800+ each year and I get roughly $150 in tax returns.
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2006 Build BF XR8 Ute - Lightning Strike ZF Auto. Manaray Sport Vertec VR5 19s, Bluepower CAI |
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#8 | |||
Same ****-Different Day
Join Date: Oct 2008
Location: Northern Vic
Posts: 1,287
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Quote:
Edit, seems you can. What you can claim You can claim the cost of travelling:directly between two separate workplaces – for example, when you have a second job from your normal workplace to an alternative workplace (for example, a client's premises) while still on duty, and back to your normal workplace or directly home if your home was a base of employment – that is, you started your work at home and travelled to a workplace to continue your work for the same employer if you had shifting places of employment – that is, you regularly worked at more than one site each day before returning home from your home to an alternative workplace for work purposes, and then to your normal workplace or directly home, if you needed to carry bulky tools or equipment that you used for work and couldn't leave at your workplace – for example, an extension ladder or a cello. https://www.ato.gov.au/individuals/i...en-workplaces/
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Bax. Current Vehicles RA Wildtrak V6, UA2 Everest Trend 2.0lt Last edited by RANGEREST; 30-11-2015 at 09:39 PM. |
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#9 | |||
Guest
Join Date: Sep 2011
Posts: 418
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Quote:
That would be because the tax office considers travel to/from work is considered private travel and not claimable. Colleagues with larger claims may have used a different interpretation of where work is and therefore reduce the private use kilometres. Speak to an accountant to clarify what you can claim, looks like the cost will be money well spent many times over... FYI, cents per kilometre basis for claims can only be used up to a maximum of 5,000 work km, over that value and you need to use a logbook and all that entails. |
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#10 | |||
FF.Com.Au Hardcore
Join Date: Oct 2014
Location: Newcastle
Posts: 1,782
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Quote:
If you claim up to 5,000 km, you use these cents per km when claiming your deduction, extrapolated against your business mileage up to 5,000 km. Using this method, no need to keep a logbook for 3 months. If you are using your vehicle for more than 5,000 km per annum, and want to claim, you keep a logbook recording each trip for 3 months, and then extrapolate out a business percentage which you claim for all vehicle running costs and depreciation. So if you are using it for 100% business, you will be able to claim 100%. However, if you claim 100% you are asking to be audited, unless your business falls within that band of business where the ATO has deemed it likely to be 100% business use. I kept a logbook for 3 months and made sure I did most of my years compulsory training, driving to Sydney for the courses, and my business percentage was 89% (could not resist some spirited driving sessions late at night...).
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#11 | ||
Same ****-Different Day
Join Date: Oct 2008
Location: Northern Vic
Posts: 1,287
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Which bit?
I'd suggest you take it up with the ATO it's their site, and their rules
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#12 | |||
FF.Com.Au Hardcore
Join Date: Oct 2014
Location: Newcastle
Posts: 1,782
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Quote:
If you are not keeping a logbook and claim below 5,000 your statement is accurate.
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Ford Rides: Ford Fiesta ST Mk 8 -daily- closest thing to a go kart on road for under 50K FG X XR8 smoke manual - Miami hand built masterpiece by David Winter, BMC Filter, JLT Oil separators, Street Fighter Intercooler Stage 2, crushed ball, running 15% E85 and 85% 98- weekender |
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#13 | |||
Same ****-Different Day
Join Date: Oct 2008
Location: Northern Vic
Posts: 1,287
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Quote:
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#14 | |||
Regular Member
Join Date: May 2012
Location: Perth
Posts: 349
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Quote:
I bring my own nail guns, saws, a ladder and sometimes an air compressor, yet I am apparently exempt from collecting any travel expenses purely because I drive directly from home instead of hitching a lift with one of the guys who lives on the same street but has a company supplied car - which he claims out of pocket expenses related to the car. But he too drives direct from home towing a trailer and the same accountant allowed him to claim such.....
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2006 Build BF XR8 Ute - Lightning Strike ZF Auto. Manaray Sport Vertec VR5 19s, Bluepower CAI |
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#15 | |||
Same ****-Different Day
Join Date: Oct 2008
Location: Northern Vic
Posts: 1,287
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Quote:
also ask why your workmate can claim a car that's company supplied and you can't claim your own vehicle, that on its own doesn't make sense
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#16 | ||
FG XR6T trayback
Join Date: Jan 2007
Location: N-W NSW
Posts: 1,308
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You can claim anything and everything as a tax deduction for business.
UNTIL YOU HAVE AN ATO AUDIT. Then you will have to pay back illegal claims plus penalties and fines. And by the way, your Accountant is not liable for shonky claims, you are. |
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