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The ATO has increased the rate for work related car expenses to 68 cents per kilometre for the income year commencing 1 July 2018. This determination applies to eligible taxpayers who elect to use the cents per kilometre method when calculating income tax deductions for work-related car expenses.

Under the cents per kilometre method:

  • You can claim your actual work related kilometres travelled during the year up to a maximum of 5,000 kilometres per car;
  • You must have sufficient evidence to make a reasonable estimate of work-related kilometres travelled during the year. This will usually involve keeping diary records of regular trips undertaken during the year (number of trips travelled and the distance covered and a record of irregular trips, which would require more detailed information to be provided, including the nature of and distance, travelled for each trip;
  • You cannot make a separate claim for depreciation of the car’s value; and,
  • This amount takes into account all your vehicle running expenses ie fuel, registration and insurance.

To work out how much you can claim, multiply the total work related kilometres (maximum 5,000) you travelled by 68 cents. The team at Wardle Partners strongly advise that you keep written records, as outlined above, before making this claim. Records can be written or you may wish to use an App to record the same information.

If you are working out your car expenses for the 2015–16 year, 2016–17 year and the 2017–18 year, the previous rate of 66 cents per kilometres still applies.

If you have a question, please do not hesitate to contact the Wardle Partners team on (07) 5492 0300.

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