WHAT IS THE CRA LOGBOOK METHOD? Posted on October 21, 2021 The Canadian Revenue Agency (CRA) allows people to claim the use of their car for work as a tax deduction. One of the allowable ways to claim is by the ‘logbook method’. The logbook method allows people to claim a % of all of their vehicle expenses based on how much the vehicle is used […]
WHAT IS THE CRA CENTS PER KM ALLOWANCE FOR 2021? Posted on October 21, 2021 The Canadian Revenue Agency (CRA) allows people to claim the use of their car for work as a tax deduction. The CRA reviewS the rates regularly but they remain unchanged since last year 2020. The 2021 allowance rates are: 59 cents per km for the first 5,000km Plus 53 cents per km from 5,001km and […]
WHAT’S THE ATO CENTS PER KM RATE FOR 2022? Posted on October 21, 2021 The Australian Taxation Office (ATO) allows people to claim the use of their car for work as a tax deduction. The rates are reviewed regularly and they applied a new rate for the 2021 and 2022 tax years. The rate for 2022 is: 72 cents per km for 2022 The ATO allows people […]
NEW ATO CENTS PER KM RATE FOR 2021 Posted on October 21, 2021 The Australian Taxation Office (ATO) allows people to claim the use of their car for work as a tax deduction. The rates are reviewed regularly and there is a NEW rate for the 2021 and 2022 tax years. The rate is: 72 cents per km for 2020–21 and 2021–22 The ATO allows people […]
What Is the Best ATO Vehicle Logbook App? Posted on February 19, 2020 Are you one of those people that won’t keep a logbook unless someone takes you by the scruff of the neck and forces you to do it? Good news is: things have changed. Gone are the days when you had to keep your driving log in printable logbooks and excel sheets. You can’t expect to […]
How to Claim Car Expenses and Make the Rules Work For You Posted on February 17, 2020 How would you like to earn some extra cash to spend on a hot holiday destination or that iPad you’ve been eyeing for some time? We bet our bottom dollar you’d like to learn how! Did you know you can actually do this by claiming your car expenses at tax time? Depending on the business […]
Keeping a Logbook for the ATO: The 5 Best Mobile Apps Posted on February 10, 2020 The fuss about keeping a mileage logbook is over exaggerated. Especially today when you can use a mobile app to log your car expenses and support your tax deduction claim. Yet, a good logbook app is hard to come by. It’s like looking for a needle in a haystack; there are plenty of unreliable apps […]
Car Expenses 101: How to Maximise Your Work-Related Tax Deductions Posted on February 3, 2020 Claiming your car expenses is not without its challenges. But the most daunting challenge is knowing how to navigate the complex tax return process so you maximise your work-related tax deductions. If you cover a decent mileage for work, odds are you’re spending a lot towards your work-related car expenses. This can be measured in […]
Motor Vehicle Expenses: What Every Tradie Needs to Know Posted on January 24, 2020 If you drive your car to generate income, you have a chance to earn money back on your tax return. It’s in your best interest not to squander it. Paying out of pocket for your motor vehicle expenses can be budget-draining. Especially if you cover a handsome mileage as a tradie, a handyman or an […]
Work-Related Car Expenses 2020: Secrets Accountants Know Posted on January 13, 2020 Did you know you can claim your work-related car expenses if you’re able to prove how much you covered for work? Using the system to your advantage can be a lucrative endeavour. Yet, your attempt is doomed to failure if you’re not familiar with the ATO mileage deduction rules. People had their reasons when they […]