The cents per kilometre method 2014
Date posted: Sunday, May 4, 2014
So, you want to know the ‘cents per kilometre method’ to work out how to claim a deduction for petrol for tax purposes right?
This is a common question and one we can answer for you easily.
The cents per kilometre method allows individuals to claim a deduction for work-related car expenses for travelling up to 5,000 km per car, per annum.
The claimable rates have been set for 2013/14 and for the first time since 2008/09 they have increased. This increase and the new rates can be seen below;
| YEAR | SMALL CAR | MEDIUM CAR | LARGE CAR |
| 2012/13 | 63c | 74c | 75c |
| 2013/14 | 65c | 76c | 77c |
Or in other words, for every kilometre you drive for work-related job tasks you can now claim 65c for every kilometre for a small car, 76c for a medium car and 77c for a large car.
If you’d like to know more about whether you’re entitled to claim petrol as a tax deduction then be sure to stay tuned for upcoming blog posts as we’ll cover that off soon.
You can find out more by giving us a call, sending us an email or booking in for a visit. We specialise in servicing individuals and businesses on all things tax related in the South Eastern Suburbs – including Pakenham, Lakeside, Berwick, Nar Nar Goon, Garfield, Tynong and Koo Wee Rup.