Are car loan repayments tax deductible?

In Australia, professionals who provide tax advice are required to hold specific licenses. This means we’re unable to provide tax advice or specific information about tax deductions.

The good news is, if you’re a bit uncertain about your tax return and potential deductions, there are a few different ways you can get help. A great starting point is the Australian Taxation Office (ATO)’s website and their ‘Motor vehicle and car expenses’ page which provides a general overview of vehicle-related tax deductions. However, as this information will not be tailored to your needs or situation, many Australians opt to receive expert tax advice through their financial advisor or tax accountant. Both professionals will be able to take your individual circumstances into account and ensure your tax return is completed accurately.