READ - Want to make more money while driving at work?

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Your advice today is coming from Mat McColley and the team at the GTH Group in Toowoomba. GTH is a growing firm – not just in size or client base – but in their mindset of what accounting and superannuation means in an evolving business and technology environment. Not content with the standard accounting formula, they prefer proactive tax planning and long term foresight.

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The cents per kilometre car expense rate increased from 66 cents to 68 cents per kilometre from 1 July 2018. Employers who use the cents per kilometre rate to pay car allowances for employees should ensure that car allowance rates are up to date. If more than 68 cents per kilometre is paid, employers need to withhold tax on the excess amount under the PAYG withholding system.

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