Why should every business owner keep a travel diary?
When you travel for business – meeting clients, visiting suppliers or attending conferences – it’s important to keep clear records of your activities and expenses. This helps you claim tax…
When you travel for business – meeting clients, visiting suppliers or attending conferences – it’s important to keep clear records of your activities and expenses. This helps you claim tax deductions and stay compliant with ATO rules. A travel diary is a simple way to do this: it records your business activities and expenses as well as separates business costs from personal ones.
You may need a travel diary if you’re away for 6 or more consecutive nights or if you want to clearly track which part of your trip is for business purposes. For every business activity, write down:
- The activity – client meeting, site visit or conference
- Date and time – start time and duration
- Location – where it took place
- Expenses – transport, accommodation, meals and the business portion.
Digital copies of receipts, tickets, and invoices make reporting easier. Tools like the myDeductions feature in the ATO app can help track everything while travelling. Tips for an effective travel diary:
- Record expenses daily
- Clearly separate business and personal costs
- Include all key details: purpose, attendees, location and amounts
- Keep records for 5 years, as required by the ATO
A travel diary is a practical tool for organisation and tax efficiency. With proper documentation, you can claim all eligible deductions and make your tax reporting easier.
BTMH can help you keep your travel records in order and ensure you’re claiming the deductions you’re entitled to! 📞 (02) 9386 0500 | btmh.com.au