Using car for business and personal use

[Simbul]

Hi everyone,

I am keen to purchase an X, but am curious as to how those already have a Tesla claim expenses. For a ICE car, l claim petrol receipts as a percentage based on log book.

As there is no petrol receipts how does it work?? Based on Km only x a $ rate?

I tried to search for the answer but couldn't find it, but if there is already a thread on it, if someone could point me in right direction l would appreciate it

Thanks
Simon

 

[*KT*]

I was going to logbook it. Claim the kw to charge it plus the other ongoings (not much being an EV) but by far the biggest contributor is the Depreciation.

 

[RichardMcN]

My accountant says an estimate calculation is fine for FBT so probably fine for expense claim, but at off-peak rates it only costs $5 to fill it once or twice a week so I don't bother.

 

[jmr-]

I am interested in an automatic log book. I've bought mine through my business, and coming from an Amarok (which is exempt from log book requirements) I'm keen to automate it as much as I can. I have clients pretty much everywhere, so I'm not worried about being able to achieve a high percentage of business use

 

[TesAus]

I believe that the tax office had provided a ruling that the flat rate per km can be applied to EVs also which would go a fair way to covering depreciation costs.

There is a 5000km limit that you can claim per year for this method.

Can't find the ruling itself, but here is an article about it
Tax office ruling provides big boost for electric vehicles in Australia

 

[garyjac]

Little Log Book is a GPS and such in a stick that logs all your trips, just plug into the USB port in the car and download once a week. Software is free to download. Purchase of the hardware is $99.

 

[houdini]

Little Log Book is a GPS and such in a stick that logs all your trips, just plug into the USB port in the car and download once a week. Software is free to download. Purchase of the hardware is $99.

Thanks for this I'll check it out. I'm about to change jobs and the new one will require lots of travel. Probably only for 6 months though. I was thinking of just using the log book method and claiming up to the 5000kms.

I was looking at some kind of app like this one: Vehicle log book app | Car log book app | FBT log book

No way I'm going back to a paper based log book!

 

[houdini]

I am interested in an automatic log book. I've bought mine through my business, and coming from an Amarok (which is exempt from log book requirements) I'm keen to automate it as much as I can. I have clients pretty much everywhere, so I'm not worried about being able to achieve a high percentage of business use

Interested to know how you bought it if you don't mind sharing. I've tried to crunch the numbers on different leasing options and once you factor in FBT and expenses of the lease etc it seems like just taking a loan and claiming km's makes more financial sense.

 

[Mark E]

Interested to know how you bought it if you don't mind sharing. I've tried to crunch the numbers on different leasing options and once you factor in FBT and expenses of the lease etc it seems like just taking a loan and claiming km's makes more financial sense.

If you can secure against property then that is your best option. I have a facility for the car set up with my investment loan portfolio - effectively a facility to buy the car and keep it separate from other loans for tax purposes. Interest at under 4% and 5 years interest only. Claim depreciation and use the log book method - i.e. percentage of overall use. Remember that the maximum that you can claim is limited by the LCT threshold.

 

[gcgp]

FWIW I purchased mine under my name, not under company name. FBT would be too high and the GST refund I would have received would've been less than the FBT.

I use a simple iOS app called LogBook and I can log a trip in around 4 clicks. Instead of logging each client trip (which can be 8-20 per day) I just punch in a start time, and end time, and total kms driven.

So far its showing that I use my care 90% of the time for business use.

 

[doctorwho]

There's a website called Teslalog that will automatically log all your trips and charge amounts