Is keeping a logbook driving you around the bend?

We all know that recording a valid logbook for work & business travel is the key to maximising your car deductions and minimising your employee fringe benefits tax implications. But is keeping a paper logbook or even utilising a mobile App driving you around the bend?

Recording each and every car trip for 12 weeks can be quite onerous, but having a valid record that can stand up to ATO questioning is essential. The pay-off is that the logbook business use % remains valid for 5 years. You want to get the most out of your car trips.

Improvements in in-car GPS tech can get you back on the fast-track. We've seen great improvements in this area that can move logbook record keeping to the back-seat rather than front of mind when you've got more important things to focus on.

There's a few products on the market to choose from and we are hearing great feedback about one in particular, GPS Log Book.

GPS Log Book plugs into your car's power outlet and uses GPS tracking to record your trips from go to woe. Upload the data via the website weekly and record trips as business/work or personal. Voila! You have a GPS-tracked valid logbook. No ATO arguments there!

To find out more about how to maximise your tax deductions and whether you could be owning your car 'smarter' then contact Maxim Accounting & Business Advisors on  (02) 4925 1000.

 

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