Do you use a car for your business? The kilometre rates to calculate deductions for business use of a motor vehicle have been updated for the 2017-18 income year.
If you’re eligible, for the first 14,000 kilometres your vehicle travels in a year, you can claim 76 cents per kilometre for any business-related kilometre you travelled. This rate applies whether your vehicle is electric, hybrid, petrol, or diesel.
After your vehicle travels 14,000 kilometres (including both business and personal), the rate you can claim reduces and varies depending on the vehicle type.Tags: New kilometre rates for motor vehicles