Feature of the Month: Vehicle LogbookSeptember 16 2020
Put yourself in the best possible position to claim tax deductions on car expenses by keeping a vehicle logbook! Everyone who uses their own car for work purposes need to pay attention.The ATO states that your logbook must contain:
- 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. If you make two or more journeys in a row on the same day, you can record them as a single journey
- the odometer readings at the start and end of each subsequent income year your logbook is valid for
- the business-use percentage for the logbook period
- the make, model, engine capacity and registration number of the car.
For each journey, record the:
- reason for the journey (such as a description of the business reason or whether it was for private use)
- start and end date of the journey
- odometer readings at the start and end of the journey
- kilometres travelled.
Thanks to the Moneymgmt Vehicle Logbook this is much easier! It is the simple way to claim back all of the kilometres you travel, and store all this information on the cloud for easy access at the end of the financial year!
All you have to do is simply log into your app, click the log book icon, type in your odometer reading and your trip will be recorded.
When you reach your destination simply stop the trip and it will be saved.
All trips will be stored on the cloud, so you can track journeys between specific dates and download those trips in a simple to use CSV file.