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Logbook records key to substantiating car expenses
The importance of proper record keeping to support deductions is again demonstrated by a recent AAT case and is a reminder for employers relying on reducing their FBT by maintaining logbooks.
Poor record keeping and insufficient substantiation prevented an individual taxpayer from successfully claiming deductions in respect of various work related expenses in Reid and Commissioner of Taxation (Taxation)  AATA 4624.The case underlines the importance of satisfying all the requirements necessary to substantiate work-related car expenses under the logbook method.While this case primarily relates to an individual taxpayer, it will have relevance for those who are responsible for ...
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Authors: Hayley Lock
Published Date: 26 November 2019
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