If you travel more than 5,000 kilometres per year for work related purposes a log book will help you maximise your deduction. A logbook needs to be kept for a 12 week period and can be used for up to 5 years.
Your log book will need to include the date the log book period began and ended, the car’s odometer reading at the start and end of the period, the total number of kilometres that the car travelled during the period and the number of business kilometres travelled during the period.
For each journey you will need to record the date the journey began and ended, how many kilometres the car travelled on each journey and why the journey was made.
Don’t forget to keep your receipts for all you car expenses and start your log book today!