Missed our in-depth coverage on travel allowances and log books? Here’s a quick recap: Discover what SARS expects regarding travel expenses, why log books matter, and how accurate records keep you on the right side of tax laws!
- Travel allowances are paid by employers to employees to cover the costs associated with business-related travel ONLY.
- Employees must keep detailed records of their business-related travel expenses
- Employers are required to withhold the correct amount of tax based on these records.
- SARS suggests the use of log books to ensure accurate tracking of travel expenses.
- A log book is used to record details of each trip’s purpose, distance traveled, and associated expenses. (This allows both employees and employers to compute accurate tax calculations. Without a proper log book, SARS may disallow certain expenses, leading to potential tax liabilities. Any discrepancies may cause SARS to reject your claim completely, or conduct an audit into your business).
Stay on the right side of SARS and avoid penalties. Accurate records of business-related travel ensure compliance with tax laws, and avoid potential trouble with SARS.
Employers and employees should stay informed about any changes in regulations to maintain financial integrity.
Full article – travel allowance…what does SARS say?
For an in-depth exploration of travel allowances, including insights into log books, various types of travel allowances, and their taxation, check out the full article here: Travel Allowances-Outdated
