One of the most common tax deductions in Australia is motor vehicle expenses. In today’s video I compare the 2 different ways to calculate your car expenses tax deduction, the logbook method and the cents per kilometer method. I talk about how each motor vehicle expenses method works and which one is the best for which situation.
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Which method do you use to claim your car expenses in your tax return?
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📖 Chapters
0:00 Intro
1:10 What car expenses can you claim on your tax return?
2:16 Can you claim travel from home to work?
4:30 Logbook Method Explained
6:55 Cents Per Kilometre Method Explained
8:43 Summary
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Ethan 'Rooshock' (Rucioch) is an Australian business owner in his mid 20's. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling as well as watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even some social media marketing content.
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Disclaimer
The information in this video and on this KZfaq channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks Pty Ltd or any other related party may receive a commission through these.
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#logbook #centsperkilometre #carexpensestax