| Income Tax ? Car Expenses - 12% of Cost. |
| 12% of Cost |
A deduction will be allowed based on a 12% of the cost of the vehicle subject to the depreciation cost limit.
For the 2003/2004 year, the limit is $57,009 (the same as 2002/2003). The deduction will be reduced in proportion with the number of days in the year the vehicle was not owned or leased by the taxpayer. The deduction is based on the cost of the car when acquired or if under lease the market value when the lease was taken out.
20th-March-2004 |
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