A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 28 - Car expenses  

Subdivision 28-I - Retaining the log book and odometer records  

SECTION 28-150  Retaining the log book for the retention period  

 ITAA 36

28-150(1)  

You must retain the log book:


(a) first, until the end of the latest income year for which you rely on the log book to support your calculation of the *business use percentage for the *car; and


(b) then for another 5 years.

The period for which you must retain the log book is called the retention period.

28-150(2)  

The 5 years start on the due day for lodging your *income tax return for that latest income year. If you lodge your return later, the 5 years start on the day you lodge it.

28-150(3)  

However, the *retention period is extended if, when the 5 years end, you are involved in a dispute with the Commissioner that relates to a deduction worked out using a *business use percentage that you are relying on the log book to support. See section 900-170.

28-150(4)  

If you do not retain the log book for the *retention period, you cannot deduct any amount worked out using a *business use percentage that you are relying on the log book to support. If you have already deducted such an amount, your assessment may be amended to disallow the deduction.

28-150(5)  

For the purposes of the rules about retaining and producing records of expenses (see Subdivision 900-G), the log book is treated as a record of the *car expenses for each year for which you use a *business use percentage that you are relying on the log book to support.

28-150(6)  

If you lose the log book, there are rules that might help you in section 900-205. For the purposes of the rules about relief from the effects of failing to substantiate (see Subdivision 900-H), not doing something required by this Division is treated in the same way as not doing something necessary to follow the rules in Division 900.

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page