FNSACC502-Tax Documentation for Individuals

Daniel leased a 3000cc motor vehicle on 1 July 2014 and maintained a log book for 12 weeks during the year. During the 12 week period Daniel travelled 5,000kms of which 1,200kms were business related. Costs incurred during the 2015/16 year include

Petrol, oil and servicing    2,500
Lease payments    7,800
Registration and insurance    2,000
Speeding fines    350
TOTAL    12,650
Note that the car had a market value of $60,000 at the inception of the lease

Required:

Show all available methods of calculating the motor vehicle expenses and choose the most advantageous method for Daniel for the year ended 30 June 2016.