Regulations made and registered this week will amend the Income Tax Assessment Regulations 1997 to update the cents per kilometre rates for calculating motor vehicle expenses for income tax purposes.
As these rates have not changed in a couple of years, it was well about time.
The rates for the 2008-09 income year are 7.8% higher than the 2007-08 rates and are as follows:
- Small car 63 cents;
- Medium car 74 cents;
- Large car 75 cents.
For a copy of Income Tax Assessment Amendment Regulations 2009 (No 2), see here. For a copy of the Explanatory Statement, click on ES/Supp Material.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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