What Should You Track In A Logbook After Buying A Car?

What Should You Track In A Logbook After Buying A Car?

 

 

My recommendation is you use some sort of app to track your logbook for ATO reporting purposes. Inspire’s app - which can be found on the app store (link in the bio) actually has a log book feature that can also track GPS and do kilometre tracking for you. 

What you need to do is set up a start date for your 12 weeks, and just make sure you log your business trips and the kilometres associated with them, versus your personal. Then, what we look at is your business kilometres for the whole 12 weeks, and divide that by your total kilometres in that 12 weeks. That’s how we calculate your log book percentage so that we can claim all your depreciation, GST, and expenses to run it.

 

Need a second opinion? Book a zero cost strategy call with an Inspire Accountant - http://inspire.business/chat

 

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