4 Methods to Claim Work Related Car Expenses
UNDERSTANDING THE 4 METHODS brought to you by TO CLAIM YOUR WORK-RELATED CAR EXPENSES yourcarlog METHOD 1: CENTS PER KM METHOD 2: 12 % OF ORIGINAL VALUE You can use this method to claim up to a maximum of 5,000 business kilometres You can use this method if your car has travelled more than 5,000 business during the financial year. • Claim is based on a set rate for each kilometres during the financial year. • You can claim: 12% of cost when business kilometre travelled. The rate bought, or 12 % of its market value varies depending on the size of your car's engine. when leased. • No need for written evidence • Must demonstrate the amount of • No need for written evidence • Must demonstrate the amount of work work kilometres travelled. kilometres travelled. METHOD 3:1/3 OF ACTUAL EXPENSES METHOD 4: LOGBOOK You can use this method if your car has travelled more than 5,000 business You can use this method regardless of number of business kilometres, however you must have kept a logbook during kilometres during the financial year. • You can claim 1/3 of all car expenses the financial year. • Claim is based on the business use including private costs. • Must have written evidence/receipts of all expenses. percentage. • To calculate business use percentage, you need to keep strict records of your kilometres, regularly updating your logbook with dates and kilometres travelled. At the end of the year, your business kilometres are separated from your private travel and this percentage is used to claim a percentage of your total expenses.
4 Methods to Claim Work Related Car Expenses
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