If you utilize your personal vehicle for business-related purposes, you may have the opportunity to deduct a portion of your driving-related expenses from your taxable income. It's important to note that your regular daily commute from your residence to your primary workplace is not eligible for a business mileage deduction. However, if you find yourself traveling to a secondary company location distinct from your primary office, you may be eligible to claim deductions for your mileage expenditures.
In Australia, the Australian Tax Office (ATO) maintains stringent documentation requirements for individuals seeking business mileage deductions. To successfully claim these deductions, you are required to maintain a meticulous mileage log throughout the year.
The ATO mandates that your mileage log must encompass the initial odometer reading of your vehicle at the commencement of the year and its concluding reading at the close of the year. Furthermore, it is essential to record each instance when you use your vehicle for business purposes, documenting the date, starting point, destination, and other pertinent details.
The process of meticulously logging this information before and after each trip may appear intricate. However, with the assistance of the Carbucks Mileage Log, you can effortlessly automate the logging of your mileage, complete with all the requisite particulars. What's more, you can conveniently export this log to your email, simplifying the entire process, which can be accomplished within a matter of seconds.
Refer to ATO site for info: https://www.ato.gov.au/Business/Income-and-deductions-for-business/Deductions/Deductions-for-motor-vehicle-expenses/Cents-per-kilometre-method/