Logbook Reminder 

The 2024 FBT year finishes on 31 March 2024.
If you need to keep a new logbook for the 2024 FBT year, now is the time to start to make sure it is completed by 31 March 2024.

Do I need to keep a new logbook?

The below are some situations in which you will need to keep a new logbook:

  • If the logbook will expire before 31 March 2024 (ie. if your current logbook was started in the 2019 FBT year or earlier);
  • If new employees have commenced since 1 April 2023 and use company vehicles;
  • If employees have substantially changed the business use of their vehicle since their last log book;
  • If employees have changed company vehicles during the FBT year, and their business use is substantially different to the previous driver;
  • If employees drive an exempt-type vehicle but don’t meet the ATO guidelines for exempt use; or
  • If employees have previously used the statutory method and wish to use the operating method to calculate the taxable value of their motor vehicle fringe benefits for the 2024 FBT year.

The logbook must be maintained for a consecutive 12 week period and must include all private and business kilometres travelled during this time. The logbook will then be valid for five years.

The logbook must contain the following information:

  • when the logbook period begins and ends;
  • the car’s odometer readings at the start and end of the logbook period;
  • the total number of kilometres that the car travelled during the logbook period;
  • the number of kilometres travelled for work activities based on journeys recorded in the logbook; and
  • the business use percentage for the logbook period.

Your logbook entries must show details of each business trip. You must record:

  • the date the journey began and the date it ended;
  • the car’s odometer readings at the start and end of the journey;
  • how many kilometres the car travelled on the journey; and
  • the reason for the journey.

Click here for more information from the ATO Website (refer to para 4.2).

If you have any questions in relation to FBT or logbook requirements, please contact your 4Front adviser.