INCOME TAX ASSESSMENT ACT 1997 - SECT 28.20 Rules governing choice of method
INCOME TAX ASSESSMENT ACT 1997 - SECT 28.20
Rules governing choice of method(1) You can choose only one method for all the * car expenses for the * car for the income year. Choosing one method precludes the other method.
(2) However, you can change your choice for the income year.
Example: You choose the "log book" method and deduct $1,000. On audit, the Commissioner finds that your claim is too high and should be reduced to $500. You would have been able to deduct $700 if you had chosen the "cents per kilometre" method. This rule lets you change your choice and deduct the $700.
(3) You can also choose different methods for the same * car for different income years and different methods for different cars for the same year.
28 - 25 How to calculate your deduction
28 - 35 Substantiation