With the FBT year coming to a close on 31 March 2020, I thought it appropriate to again remind you of the log book requirements (which are also applicable for work/business related expense claims).
For any car that is not a commercial vehicle, a log book is required to be kept for a period of 12 consecutive weeks within the FBT year (or financial year if claiming a car as a ‘work or business’ expense).
The log book has to be in a prescribed format (you can usually purchase from a newsagent or there are apps).
A log book is good for five years before a new one has to be produced.
This article appeared in our February 2020 newsletter and was written by Stephen Mason