![]() In this Schedule, "value" in relation to a motor vehicle used by the recipient of an allowance as contemplated in section 8(1)(b)(ii) and (iii) of the Income Tax Act, 1962, means. 58 of 1962), I, Pravin Jamnadas Gordhan, Minister of Finance, hereby determine that the rate per kilometre referred to in that section must be an amount determined in accordance with the Schedule hereto. Under section 8(1)(b)(ii) and (iii) of the Income Tax Act, 1962 (Act No. ![]() PURPOSES OF SECTION 8(1)(b)(ii) AND (iii) OF THE INCOME TAX ACT, 1962 Liability limited by a scheme approved under Professional Standards Legislation.Government Notice: Rate Per Kilometre for Motor VehiclesįIXING OF RATE PER KILOMETRE IN RESPECT OF MOTOR VEHICLE FOR THE nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. does not warrant that the articles within are free from errors, inaccuracies or omissions. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. does not guarantee the accuracy of the information at any particular time. Information, forecasts and opinions contained in this blog can change without notice. ![]() recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. For more information, call 1300 888 803and speak to one of our accountants. Before taking action, speak with a qualified Modoras Accountant so you don’t pay a cent more than you have to. Still unsure which method is the most favourable one. Many taxpayers find that they are not able to use the log-book method as they have not maintained a valid 12-week logbook in the last five years. Individual taxpayers will claim deductions for work-related car expenses (where eligible) under one of two alternative methods: the log-book method or the cents per kilometre method. A reminder that the ability to claim a deduction under the cents per kilometre method is subject to a cap of 5,000 business kilometres annually. ![]() This is an increase from the 72 cents rate applicable for both the 20 income years. ![]() The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their work-related car expenses, that the rate per kilometre for the income year starting 1 July 2022 (the 2023 income year) will be 75 cents per kilometre. ![]()
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