New rules from the ATO now limit the methods of claiming motor vehicle expenses to the cents per kilometre method and the log book method – and if you’re choosing the log book method then there’s a few things you should know!

You can pick up a pro forma logbook from most stationery stores and each record is valid for 5 years, but should be reviewed regularly to ensure the business percentage calculated remains appropriate.

The ATO website lists the requirements of a logbook to include:

• when the logbook period begins and ends
• the car’s odometer readings at the start and end of the logbook period
• the total number of kilometres the car travelled during the logbook period
• the number of kilometres travelled for each journey recorded in the logbook (if you made two or more journeys in a row on the same day, you can record them as a single journey). You will need to record the
  • start and finishing times of the journey
  • odometer readings at the start and end of the journey
  • kilometres travelled
  • reason for the journey
• the business-use percentage for the logbook period
• the odometer readings at the start and end of each income year you use the logbook method

You will see that I’ve drawn attention to the “Reason for the Journey” above – you should ensure that your explanations are detailed as this is an area the ATO are looking into and insufficient details may result in an unfavourable adjustment to your logbook – we don’t want that!!

Regards

Need your tax done?  I’m your girl!

Don’t want to leave the house to do your tax?  I’m your girl!

Can’t take time off work to do your tax?  I’m your girl!

That’s right – The Tax Chic can complete your tax with a fully online and paperless system…backed with the support of professional knowhow and excellent customer service.

With standard tax returns costing just $147*, this is the year to contact The Tax Chic.

Simply provide your full name, date of birth and Tax File Number and you’ll be sent a link to an online App (available for both Apple and Android devices).  The App allows you to answer all the relevant questions and take photographs of your documentation – when you’re done simply press “submit” and The Tax Chic will do the rest.

Once complete you’ll receive an e-mail copy of your tax return with a request for e-signature – no paper need change hands at all.

So easy!  Looking forward to hearing from you!

Regards

*standard tax return includes wages, interest income and basic deductions, rental income or business income and complex deductions may incur additional fees.

If you own one or more rental properties and you don’t have a tax depreciation report, you could be missing out on $$$ of deductions!

Depreciation to your property relates to wear and tear of the buildings as well as the assets within a property, and is allowed as a deduction by the ATO when the property is used for income producing purposes!

You should get a quantity surveyor to complete the report as they are recognised by the ATO as having the necessary skills to make any required estimates.

For further information, simply contact me!

Regards

If you’re in South West Victoria, check out page 34 of the newly released South West Living Magazine…here I am!

There’s also a feature on my recent Libby Harricks Achievement Award on page 49 – you can’t get away from me!

Regards