011. Tax Bite: Car Expenses - Cents Per Kilometre Method

Welcome to Small Business All Figured Out - The Tax Bite Edition. 

These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.

Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this episode, we talk about how to use the Cents Per Kilometre Method to claim your car as a tax deduction.

In this episode, we cover:

1. What the definition of a car is, as per the ATO;
2. What trips qualify as work-related travel;
3. How the cents per kilometre method actually works and the details you need to record for work-related travel

You can learn more about the show's hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au