Ric H.
Mayfield, NSW
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I understand that the log book method, which you use your business klms traveled and multiply by 0.66c per klm = total allowable deduction in dollars. Does this log book method also incorporates all vehicle maintemce and repair costs or can i claim them seperatlry?
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Hi Ric
The 66c per km you mentioned is the cents per km method whereby you are allowed to claim a maximum of 5,000 km and it includes fuel, repairs, etc.
With the logbook method, you add up all your motor vehicle expenses: Fuel, repairs, insurance, depreciation, etc and then apply the logbook percentage to determine your deduction.
Hope this helps.