A perennial tax topic that clients keep coming back to is claiming expenses for a car. The following notes summarise the most salient points for your clients when it comes to claiming a deduction for motor vehicle expenses.
Key points to remind your clients about include:
- the way a claim is calculated depends on their business structure
- if business changes structure, their entitlements and obligations may also change
- they must apportion expenses between business and private use
- records need to be kept for five years.Readmore
