Version
2024
Original Published Date
Status
Current
Tax Category
Payroll
Resource Type
Statement of formula / rates and thresholds
Description
From 1 July 2024, the cents per kilometre rate for calculating motor vehicle expenses is 88 cents per kilometre. This change will apply for the 2024–25 income year.
The rate applies to all eligible taxpayers who elect to use the cents per kilometre method when calculating income tax deductions for their work-related car expenses.
This rate will apply until a new determination is made.
For more information, refer to the Federal Register of Legislation - Income Tax Assessment (Cents per Kilometre Deduction Rate for Car Expenses) Determination 2024.
The current rate for the 2023-24 income year is 85 cents per kilometre.
For rates prior to 2023-24, see Cents per kilometre method.
Last modified date