Odometer readings as at 31 March, 2025
The 31st of March was the last day of the fringe benefit tax year for the 2025 financial year. If you have any cars registered in your company or trustees name, you will need to take action today.
Please record your odometer reading as at 31st March, 2025, for all cars and send this through to admin@thetaxlady.com.au noting the vehicle make, model, registration number and odometer reading for each vehicle.
If you have not completed a logbook for the vehicle in the last 5 years you will also need a new logbook. Hence start the logbook tomorrow and you can stop the logbook on the 8th of July 2025. This logbook will then suffice for the next 5 years. That’s right 3 months of pain now, for 5 years of benefits. The same logbook can be used, even if you trade the car in. A logbook is required for all vehicles used in a business. The logbook needs to be for 12 consecutive weeks for all passenger vehicles, including sedans, dual cab utilities, wagons, etc. If you have a 2 door utility, van etc., your logbook only has to be for 4 consecutive weeks.
The ATO do require logbooks, hence the myth about not needing a logbook for a ute, is exactly that. YES you do need a logbook for a ute, the requirements for dual cabs are the same as for passenger cars. Please contact us if you need further clarification.
If you have staff that use the company vehicles, it is also important for them to also complete a logbook and record the odometer reading also as at 31 March each year.
We have logbooks available at the office or you can purchase one from your local newsagent or most petrol stations. Please do not ignore this requirement, as we are aware of accounting firms around our area and all over Australia, which over the past 2 years have dealt with numerous logbook audits.
Please also retain all car related receipts. Ie fuel, registration, insurance, tyres, servicing, tolls etc. Some people think that the bank records are ok. The ATO will not accept bank records, you must keep fuel receipts.
If you are after a free online app logbook, the following apps should be exactly what you need.
The apps use GPS data to create a log book and travel expense report, formatted to the requirements of the Australian Tax Office. Features in the app include the recording of journey dates, entries for odometer readings, distance travelled and fields to describe the purpose of each journey. It also allows for multiple vehicles when you need to manage more than one log book at a time.
Please also record your odometer reading in your logbook at the end of each financial year ie. 30 June.