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Which is the best way to maximise your return using the travel allowance?

Posted 11 March 2014

There are two ways to calculate travel allowance that is deductible. One is where you keep actual expenses and the other is where there is a table of fixed costs, maintenance etc depending on the value of the car. Which can maximise your refund? And can the capital value of the vehicle be deducted or considered besides for the purposes of determining running costs?

TaxTim TaxTim says:
13 March 2014 at 9:24

You can depreciate the value of your vehicle over 7 years to include in your deductions for travel allowances.

The maximum affect can only be determined by doing the calculations for each method and then comparing which one will be most beneficial.

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