🍃Cents per kilometre Rates Update🍃

The ATO has updated the cents per kilometre rate relating to individual car expenses.
The Rate has increased to 72 cents per km for the new 2020-2021 FY.
The Rate for 2019-2020 is 68 cents per km.

The cents per km method:
-uses a set rate for each kilometre travelled for business, up to a maximum of 5000 km per car per year
-does not require written evidence to show exactly how many kms travelled (but the ATO may request your workings/notes on how you calculated it)
-uses a rate that takes all of your vehicle running expenses and depreciation into account.

If you have any queries, please get in contact with us!