The ATO advise that when recording car use, Method one
http://www.ato.gov.au/Business/Dedu...our-deduction/Method-1---cents-per-kilometre/
"You do not need written evidence to show how many kilometres you have travelled, but we may ask you to show how you worked out your business kilometres."
Method four says to include the dates, start and finish odometer, distance for work, and a few other things.
http://www.ato.gov.au/Business/Dedu...alculating-your-deduction/Method-4---logbook/
It seems to me that implicit in Method one is having the detail cited in Method four.
A property is being renovated. There was one journey before the auction to inspect the property, another to be at the auction, and rather more journeys than I would have liked to sort out tradies. There will be more journeys during the reno. It appears that the first journey may not be an allowed deduction, and that the rest are allowed, added to the cost base.
The way I have been recording these journeys is in line with Method four. Then add up the property-related totals, multiply by 76 cents (the FY14 rate for medium cars) and add to the cost base. I was advised that it is not necessary to record odometer readings.
Long preamble, short question: am I recording the journeys correctly, and are odo readings necessary? TIA.
http://www.ato.gov.au/Business/Dedu...our-deduction/Method-1---cents-per-kilometre/
"You do not need written evidence to show how many kilometres you have travelled, but we may ask you to show how you worked out your business kilometres."
Method four says to include the dates, start and finish odometer, distance for work, and a few other things.
http://www.ato.gov.au/Business/Dedu...alculating-your-deduction/Method-4---logbook/
It seems to me that implicit in Method one is having the detail cited in Method four.
A property is being renovated. There was one journey before the auction to inspect the property, another to be at the auction, and rather more journeys than I would have liked to sort out tradies. There will be more journeys during the reno. It appears that the first journey may not be an allowed deduction, and that the rest are allowed, added to the cost base.
The way I have been recording these journeys is in line with Method four. Then add up the property-related totals, multiply by 76 cents (the FY14 rate for medium cars) and add to the cost base. I was advised that it is not necessary to record odometer readings.
Long preamble, short question: am I recording the journeys correctly, and are odo readings necessary? TIA.