MV Reimbursement Rate is increased from $0.72 per km in 2022, to $0.78 per km in the 2023 tax year. Everyone I know mentions how expensive it is to fill up your vehicle with fuel at the moment, so this rise may help but the 8% rise in the per km rate won’t compensate for the approximate 22% price of fuel per litre has gone up recently, let alone the price per litre after the government puts its excise duty back on the retail pump price in a few months time.
If you’re using Driversnote, the app has already updated their data for the new tax year.
Don’t forget that a MV logbook no older than 5 years old is essential if you want to claim your car on tax, particularly if you’re claiming a % of your car costs, even if you’re using the cents per km method . The ATO won’t accept your assurance that you use a car for (eg) 80% business, they will want to see a compliant logbook. If you don’t already have one, start one today for your work related km, to avoid paying too much tax in 2023!
