| Vehicle Log Book ? Electronic Version |
| With advances in the capacity of electronic diaries, on many occasions electronic log books are a practical use of PDA?s. |
In a recent opinion the Australian Taxation Office (ATO) indicated that would be acceptable for Fringe Benefits Tax (FBT) Purposes.
This recent interpretation explains that the FBT requirements are that ?a log book or similar document is required to be maintained to substantiate the number of kilometres on business journeys?. In the example provided opening and closing odometer readings for each business were not included, but the opinion was that this did not diminish the integrity of the log book.
We are aware of ATO forensic activity to verify that the log book entries were recorded on the date of the journey and doubt that this can now be capable in an electronic version.
This new opinion is certainly a positive step to reduce marginally the substantial taxation administration requirements of employers, but wait for confirmation that a similar approach is acceptable for income tax purposes.
21st-May-2004 |
|