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Bitec(Newbie)Newbie
30 June 2024

Hi, my employer pays me a taxable car allowance to use my own vehicle to perform work related travel/tasks etc. I understand I am able to claim a deduction for the work related portion of; fuel, maintenance, car loan interest, insurance, depreciation, etc. However, am I able to claim a deduction for the car loan servicing fee (an ongoing monthly fee)?

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160 views
2 replies

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Taxduck(Taxicorn)Taxicorn
30 June 2024

Yes. Costs of borrowing money are deductible. Ongoing fees are a cost of borrowing money, along with interest.

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Is a car loan servicing fee deductable? | ATO Community