ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdaleATP accountants and tax mortdale
PHONE: 02 8850 3888
EMAIL:
ENQUIRE ONLINE

Cents per kilometre rate rises for work-related car expenses

Posted on Aug 3, 2018 by admin

The Tax Office has confirmed the rate for work-related car expenses will rise to 68 cents per kilometre for the income year beginning 1 July 2018.

The new rate will affect those eligible individuals who elect the cents per kilometre method when calculating the income tax deductions for their work-related car expenses for the 2018-19 income year. This rate also applies to the following income years until the Commissioner of Taxation deems it should be varied (these rates are reviewed each year).

Taxpayers working out their car expenses for the 2015-16 year, 2016-17 year and the 2017-18 year should remember that the previous rate of 66 cents per kilometre still applies to their calculations.

When selecting the cents per kilometre method, eligible individuals:
– are not required to supply the ATO with written evidence of how many kilometres they have travelled;
– may need to show how they worked out their business kilometres calculations;
– cannot claim more than 5,000 business kilometres per car;
– and cannot make a separate claim for depreciation of the car’s value.

It is also important to note that the amount will take into account all the vehicle running expenses.

ATP Accounting knows what it takes to run a successful business. They will position you at the cutting edge of business growth.
Take the step and get help to grow your business, minimise tax and protect your hard-earned assets.
Call us today on (02) 8850 3888, send us an email to or send us a message here.

Cents per kilometre rate rises for work-related car expenses Cents per kilometre rate rises for work-related car expenses Cents per kilometre rate rises for work-related car expenses Cents per kilometre rate rises for work-related car expenses Cents per kilometre rate rises for work-related car expenses

Join our mailing list

Stay in touch with ATP Accounting

  • This field is for validation purposes and should be left unchanged.