Hi,
I've recently registered for GST in Feb and am trying to figure out on how to lodge my GST quarterly report in regards to motor vehicle expenses (petrol) for business use. With the logbook method, I only managed to have 11 weeks before I lodge my GST in the April quarter. Would that be sufficient enough of it has to be a total of 12 weeks? And am I able to swap methods in my quarter reporting?
Hi @huei
You must keep it for a 12-week continuous period. But 11 weeks will still give you a reasonable idea of the amount. Just continue to record it for an additional week so that you have a more accurate amount for the next BAS.
Once you have the 12 weeks of data you can use this for 5 years unless your circumstances change.
The cents per kilometre can be used. And is calculated at a set rate depending on your travel. This'll depend on the distance travelled.
You still need to be able to show how you calculated your business use. So good record keeping is advised.
Hi @huei
You must keep it for a 12-week continuous period. But 11 weeks will still give you a reasonable idea of the amount. Just continue to record it for an additional week so that you have a more accurate amount for the next BAS.
Once you have the 12 weeks of data you can use this for 5 years unless your circumstances change.
The cents per kilometre can be used. And is calculated at a set rate depending on your travel. This'll depend on the distance travelled.
You still need to be able to show how you calculated your business use. So good record keeping is advised.
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