Vic Wasteland Thread

[dezz]

I don't think it's that high for no log book..

Tony will know for sure

Just going off what he said, and according to him she was a strict mole that wouldn't claim half the shit he wanted lol

Mines log booked though...

[dezz]

Think there's a limit with no log books

Yeah up to 5000kms he said, I thought Toby said something like 3500km without a book but I may have made that number up in my head...

Either way, I've got a log booked 6950kms in 12 weeks

Do they multiply that by 4 to equal a full year? If so, that seems very high but I'll happily take it lol

[Rekin]

http://calculators.a...x2012.xr4&go=ok

Take your income from your PAYG slips deduct expenses

yes - Tax credits etc, medicare, flood levy, hecs/help

Total credits from payment summaries, for example, total tax withheld - enter tax withheld.

Will say what you will get as return.

[blah_blah]

Relaxing Thursday nights and I see Tax......LOL

Limit for no log book is 5,000kms

No limit for no log book. Log book goes off actual expenditure rather than km's travelled.

Actual deduction for 5,000km's @ 75cents is $3,750 so that's where you might be getting confused Dezz

[dezz]

http://calculators.a...x2012.xr4&go=ok

Take your income from your PAYG slips deduct expenses

yes - Tax credits etc, medicare, flood levy, hecs/help

Total credits from payment summaries, for example, total tax withheld - enter tax withheld.

Will say what you will get as return.

Net refund

$7,020.00 refund due to you

Let's hope your little calculator is accurate

[dezz]

Relaxing Thursday nights and I see Tax......LOL

Limit for no log book is 5,000kms

No limit for no log book. Log book goes off actual expenditure rather than km's travelled.

Actual deduction for 5,000km's @ 75cents is $3,750 so that's where you might be getting confused Dezz

Think that's what I said? He claimed 5000kms at 74cents

I did a log book for 12 weeks, 6950kms for business use in that 12 weeks. So will it be the 6950kms claimed or 6950kms x 4 (12 weeks = ~3 months, 3months x 4 = 12 months)?

[Rekin]

Net refund

$7,020.00 refund due to you

Let's hope your little calculator is accurate

lol well it is the ATO gov website.

The question is if you have calculated your deductions correctly.

Im told that if you traveled 7000km for work out of 10,000km total driven. That equals 70% work use of total kilometres

So sum up all your car expenses (fuel, insur etc) and multiply that by 70%, thats what you can claim back.

Now, you can go with no log book and claim 74% but only to a maximum of 5000km

so 5000km * 0.74 = $3700 maximum claim

however your 10,000km cost you $6k of expenses, multiply by 0.7 = $4200 claim

Hope that clears it up?

edit: re-read made a change

[blah_blah]

Think that's what I said? He claimed 5000kms at 74cents

I did a log book for 12 weeks, 6950kms for business use in that 12 weeks. So will it be the 6950kms claimed or 6950kms x 4 (12 weeks = ~3 months, 3months x 4 = 12 months)?

Log book is calculated at 'expense x business % rate'

Note to Dezz include your business usage % in your logbook if you haven't already done so.

Put the tax calculator down brah and you'll find out what you get tomorrow

[dezz]

lol well it is the ATO gov website.

The question is if you have calculated your deductions correctly.

Im told that if you traveled 7000km for work out of 10,000km total driven. That equals 70% work use of total kilometres

So sum up all your car expenses (fuel, insur etc) and multiply that by 70%, thats what you can claim back.

Now, you can go with no log book and claim 74% but only to a maximum of 5000km

so 5000km * 0.74 = $3700 maximum claim

however your 7000km cost you $6k of expenses, multiply by 0.7 = $4200 claim

Hope that clears it up?

Yes and no... It doesn't matter too much as Toby is doing it all for me, but I wanna know how it all works for personal knowledge...

In the 12 weeks I log booked, I did 7548kms, 6950 of that was for work which equates to 92% business use.

So with the 74c/km figure, does that only apply to the 6950 (12 weeks worth of driving) or is it multiplied to get 52 weeks (~28,000kms) and then multiplied by .74c?

[Rekin]

so the logbook is used to work out your business:personal usage of kilometres.

Then once you have that calculated, it is multiplied to all your expenses during that financial year.

No log book means you can only claim back a maximum of $3700.

[Rekin]

sum(all car expenses for financial year) * 0.92 = what you get back

Logbook is used to prove 92%

[dezz]

I see

[dezz]

sum(all car expenses for financial year) * 0.92 = what you get back

Logbook is used to prove 92%

What about fuel? Is there a generic figure per km?

[blah_blah]

Sounds like your getting a big refund Dezzman

Go buy a GTR with it

[R-SPEC]

Still one of my favorite rap tracks

[dezz]

If there's no claim on fuel, with rego/tires/maintenance of ~$1500, I'd be better off claiming the $3700 no?

[UNR33L]

Tony what's the going SAU vic rate to do their taxes?

[Rekin]

I see

you can pick any 12 weeks in the financial year to calculate your business usage % so long as you have it documented (which you have)

That 92% will be applicable for the next 5 financial years, so you will not need to logbook after this year.

[dezz]

Sounds like your getting a big refund Dezzman

Go buy a GTR with it

Good joke

Unfortunately no matter how much I get, it's already spent and not on anything remotely fun

[dezz]

you can pick any 12 weeks in the financial year to calculate your business usage % so long as you have it documented (which you have)

That 92% will be applicable for the next 5 financial years, so you will not need to logbook after this year.

That was pretty much the only part I got lol

Now it's seeming like a waste of time as 92% of $1500 is a lot less than $3700...