car insurance

[neeko]

i was wondering if you can claim car insurance at tax time?

 

[Propertunity]

i was wondering if you can claim car insurance at tax time?

Only if the car is used for all or part (pro-rata expense claim) business use. Otherwise, no, it is a private expense.

 

[Paul@PFI]

If you have a logbook and use the car for % business use and total work use is to generate income or if you don't have a logbook and use the car for more than 5,000+ work km's then the 1/3rd of expenses method may allow you to claim 1/3 of all the running costs - incl insurance.

 

[coastymike]

Paul

The logbook method doesn't require you to travel at least 5,000+ business kilometres.

It is based on the logbook percentage not the number of kilometres travelled.

http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s28.90.html

Nothing about minimum kilometres in the legislation

http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s28.15.html makes it clear the 5,000 kilometres is only a requirement for the 12% and 1/3 actual cost methods. The logbook method only requires the vehicle to be "held"

 

[Paul@PFI]

Yep correct - I edited to adjust my 1/3rd method and put on wrong line behind logbook and then repeated for 1/3rd method . Have corrected now. My new tablet scrolling doesn't help. Back to PC screen.