Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 28.115

(1) You need to keep a log book for the first income year for which you use
this method for the *car.

(2) Having kept a log book for one income year, you don't need to keep a new
one for the next 4 or more income years unless subsection (3) or (4) requires
it. If you haven't kept a new log book for 4 income years in a row, you must
keep one for the next income year. Example: If you keep a log book in 1997-98,
you would need to keep the next one in 2002-2003, unless subsection (3) or (4)
requires one sooner.

(3) You must keep a log book for an income year if the Commissioner sends you
a notice before the year directing you to keep a log book for the *car for
that year.

(4) You must keep a log book for an income year if, during that year, you get
one or more additional *cars for which you want to use
the "log book" method for that year.

(5) When you replace one *car with another, you might have a period when you
*hold both the new car and the old car, or a period when you no longer *hold
the old car but do not yet hold the new car. In both these cases, you are
treated for the purposes of subsection (4) as if you held the one car
continuously.

(6) You may choose to keep a log book for an income year even if you don't
need to; for example, because you want to establish a higher

*business use percentage.