Monthly tax tip:
If you claim kilometres for travelling in your own car for work/taxable purposes, then you should know that the rate will be increasing to 85 cents per kilometre as at the 1st of July 2023. Please note that no other changes have been made to this deduction method. See below for an overview of claiming kilometres:
- A logbook must be kept showing all trips that are work-related.
- A total of 5000kms per car can be claimed which would mean a maximum deduction of $4,250 for the 2024 financial year.
- Travel between home and the usual place of work is generally non-deductible (unless carrying bulky tools and equipment).
- This method is only available to cars (other vehicles such as motorcycles, utes/light trucks that can carry more than 1 tonne or vehicles that can carry 9 passengers or more can only claim a percentage of running costs)
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