Take a photo of your Odometer on 31 March!
Who?
Anyone with an “Employer-provided vehicle”. This includes business owners and employees with salary packaged vehicles.
What?
Write down or take a photo of the odometer reading on your car. Put a reminder in your diary so you don’t forget!
When?
31 March 2021.
Why?
If you are using the “business percentage” or “logbook method” for claiming tax deductions or calculating Fringe Benefits tax, there are two basic requirements:
- You maintain a logbook, which is provided to your employer; AND
- You maintain a record of the ODO of the vehicle annually.
For more information, please click here, or as always, please feel free to contact Bowden Liberatore offices on 07 3879 3303.