Can I claim motor depreciation for business usage?
I use private vehicle for business purpose for which I received reimbursement for petrol and R&M from company.
Can I claim depreciation expenses for my private coup¨¦ used for business purpose when I lodge my income toll return?
Answers:
Under the logbook method, you'd own to do a consecutive 12 week logbook per the ATO instructions to work out the work use % of the depreciation you can claim respectively year.
You could probably claim a bigger estimate in need doing a logbook - up to around $3.5K if you drive at lowest possible 5000km within the toll year for work (not including between home and work) - using the set rate or cents per km method. Check the engine dimensions of your vehicle to know much you can claim per kilometer.
This claim is individual base on mileage and not on actual expenditure AND your entitlement is not diminished only because you received some reimbursement for the running costs.
http://www.ato.gov.au/individuals/conten...
you can claim a percentage of depreciation for the business use of the vehicle. to work out the percentage, you should own kept some sort of record/log to show how plentiful %'s business use. depreciation can be claim on the business % use of vehicle.
If you received an allowance for motor expenses or a reimbursement that be worked out by insinuation to the distance the saloon travelled, you must show the amount of the reimbursement or allowance as income on your levy return.
Since you are self reimbursed for using your vehicle I dont believe you can also use the duty assumption. Call the IRS and ask! Usually you can do one or the other but not both.
Kay
Yes but I suggest you catch an accountant to do your excise as they will know the best method to travel just about it.
you can.
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Can I claim coup¨¦ depreciation for business usage?
Can I claim depreciation expenses for my private coup¨¦ used for business purpose when I lodge my income toll return?
Answers:
Under the logbook method, you'd own to do a consecutive 12 week logbook per the ATO instructions to work out the work use % of the depreciation you can claim respectively year.
You could probably claim a bigger estimate in need doing a logbook - up to around $3.5K if you drive at lowest possible 5000km within the toll year for work (not including between home and work) - using the set rate or cents per km method. Check the engine dimensions of your vehicle to know much you can claim per kilometer.
This claim is individual base on mileage and not on actual expenditure AND your entitlement is not diminished only because you received some reimbursement for the running costs.
http://www.ato.gov.au/individuals/conten...
you can claim a percentage of depreciation for the business use of the vehicle. to work out the percentage, you should own kept some sort of record/log to show how plentiful %'s business use. depreciation can be claim on the business % use of vehicle.
If you received an allowance for motor expenses or a reimbursement that be worked out by insinuation to the distance the saloon travelled, you must show the amount of the reimbursement or allowance as income on your levy return.
Since you are self reimbursed for using your vehicle I dont believe you can also use the duty assumption. Call the IRS and ask! Usually you can do one or the other but not both.
Kay
Yes but I suggest you catch an accountant to do your excise as they will know the best method to travel just about it.
you can.