Currently, employees who travel 32 000 kilometres or more per year are allowed to claim a deduction against their travel allowance of up to 14 000 kilometres under the deemed business kilometres allowance, regardless of the actual business kilometres travelled.
The option to use the deemed kilometre allowance will fall away with effect from the commencement of the 2011 tax year (ie, March 1 2010).
A deduction against a travel allowance will, then, only be available to employees based on actual business kilometres travelled.
Taxpayers will therefore need to keep a logbook in order to claim for business travel.
Effective 01 March 2010, 80% (2009/2010: 60%) of travel allowance will be taxed monthly on the normal tax rate.
Acme Accountants will provide all our clients with a complimentary logbook and pen before 1 March 2010! For enquiries contact us.
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