Log books – yuk! We all hate filling them out as it’s time consuming and, oh so boring!
Unfortunately, the tax office has some very specific rules for completion in order to maximise and validate your claim.
A correctly completed log book will be valid for five years. If you have more than one car for business purposes, a separate log book must be kept for each car.
The log book must cover a period of 12 continuous weeks and must show the beginning and end dates of the period (i.e. 12.1.2008 – 13.3.2008); the dates of each journey and the reason for the journey (e.g. pick up supplies).
Odometer readings are required at the start and end of the log book period, at the start and end of each journey and at 30 June.
Total kilometres travelled, including business travel, must also be shown.
Finally, the make, model, engine capacity and registration number(s) of the car(s) must also be included in the log book.
Well, after all that, you can sit back, relax and not have to think about completing another log book for five years provided (and, yes, there is always a proviso ….) the pattern of use of your car does not change by ± 10% in any year.
Happy log book completing and please feel free to contact us if you require any specific advice in regard to log books.