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May 12, 2015

2015 Budget reduces work car expense claims

Yesterday’s budget has seen a reduction in the ways that you can claim your work car expenses. From July, the only method to be used is ‘cents per kilometre’ and the new rate is set at just 66 cents per kilometre (regardless of engine size). Previously you could claim up to 77c depending on engine size. 

The logbook method of calculating expenses will be retained however two methods have been dropped: 12 per cent of a car’s original value; or one-third of actual expenses.

Novated leasing remains unaffected as all expenses are run through the lease itself. 

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