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Guide to making motor vehicle claims

A perennial topic regarding tax deductions is claiming expenses for a car. The following notes summarise the most salient points when it comes to claiming a deduction for motor vehicle expenses. Of course every person’s circumstances may be different, but the following covers most of the relevant information.

Key points to keep in mind include:

  • the way a claim is calculated depends on your business structure
  • if business changes structure, your entitlements and obligations may also change
  • you must apportion expenses between business and private use
  • records need to be kept for five years.

The common types of motor vehicle expenses you can claim include:

  • fuel and oil
  • repairs and servicing
  • interest on a motor vehicle loan
  • lease payments
  • insurance
  • registration
  • depreciation (decline in value) of the vehicle.

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