8/12/2023 0 Comments Vehicle maintenance sheets![]() After the end of the fifth year, a new Vehicle Log book will need to keep all the records. ![]() The vehicle Logbook is valid for five years. FBT record includes and apply to the relevant FBT year and the income tax Vehicle Logbook is applied naturally to an income year that is ending in June. There is a little bit of difference between the record book of FBT and income tax. Income tax and FBT are two main purposes that are required for the maintaining of the Vehicle Logbook. ![]() If the business use percentage is under FBT and is lesser than the amount of FBT, then it is payable for car benefits. If the income tax is greater, the deductions that may be claimed for work-related car expenses. There is kept all the records about the vehicle like the business use percentages of income tax. The purpose of the Vehicle Logbook is to determine the business use percentage of the vehicle. The program involves the tax office requesting details from the state-owner and territory motor vehicle registering authorities where a vehicle has been transferred or it is newly registered and the purchase price. Over the last few years, the tax office has started a motor vehicle registry data matching program to assess the overall taxation submission of individuals and businesses involved in buying and selling vehicles. Because it is required to maintain a log for FBT purposes. Key Aspects of Vehicle Maintenance Log:Ī vehicle Log is also important when a person has been provided with a car by their employer. It means that the vehicle is in good shape. By looking at the Vehicle Log, one can tell if the vehicle has had any major problems and if not. It is also important to show the buyer that the vehicle is in good condition. When you will be selling the vehicle, the buyer will get clear information on how well the vehicle was taken care of and also see the maintenance cost that will prove the value of the vehicle at the time you will be selling. Vehicle Log will also help you in adding the vehicle resale value. Looking at the Vehicle Log, you can also tell if the company is incurring any unnecessary repair costs so you can adjust them. This way, you will find out the cause and handle it accordingly. If the company owns more than one vehicle, you can also compare the logs and see if there are vehicles with high maintenance costs than others. At the end of the month, you are able to calculate the total maintenance cost of the vehicle. It will help you to know the maintenance and repair costs of the vehicle. It is also very important to keep an accurate Vehicle Maintenance Log. This will ensure that every driver takes good care of the vehicle. Because the driver will fill in the condition of the vehicle in the morning and the condition of the vehicle in the evening when he will be returning it to the office. ![]() You are able to keep track of your company drivers to make sure they do not misuse the vehicle. This is very important in that case you are able to hold them accountable for any malfunctioning or damage to the vehicle. The Vehicle Log will indicate the name and employee number of the driver who will be using the vehicle on that particular day. This article will focus on the importance of the Vehicle Log document. At these places, employees are responsible for handling the vehicle during working hours. Vehicle Log is most important in corporate companies and organizations. Download these 10 Free Vehicle Maintenance Log Templates to assist you in preparing your own Vehicle Log easily and effectively.Ī vehicle Log is a document that shows the record of the vehicle usage on a daily basis.
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