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227 tax time Q&A with an accountant

Dev Raga Personal Finance

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Is There a Concession for Accelerated Depreciation on Assets?

The log book method means that you can go and claim actual running costs for your motor vehicle. However, it requires that you maintain a log book for a period of telve continuous weeks. This substantiates the proportion of motore vehicle usage that you can claim deductions for. So for example, if i go and maintaining a log book in a 12 week period, and it represents 80 % that i use the motor vehicle for work related purposes, i can then use that 80% basis to claim my deductions at an apportioned basis.

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