In good news for taxpayers, the ATO has announced that the cents per kilometre deduction for business travel will increase to 78 cents from 1 July 2022. This is a common sense increase given the increased fuel costs experienced by motorists.
This claim can be made by taxpayers for business related travel made in their cars up to a maximum of 5000 business related kilometres. Some useful reminders on this: - The travel cannot have been reimbursed by your employer. - There is no need to have a logbook to justify this travel but you need to have a reasonable basis for the claim. - Trips to and from work and home are usually private and do not apply. If you need assistance with your car claim, please do not hesitate to contact us.