As we enter the last month of the tax year most taxpayers will be worrying about the state of the economy, the weak Rand, high food prices and job security. In and amongst this doom and gloom many taxpayers receiving a travel allowance will forget to make note of their vehicle’s closing mileage on 29 February 2016.
This closing mileage is required on the taxpayer’s tax return to ensure that they make full disclosure and thereby qualify for a travel tax deduction. Failure to record the correct figure could lead to the taxpayer’s logbook being rejecting and this deduction being denied.
It is for this reason that we suggest that you make an immediate note in your diary so that there is a reminder on that day.
Should you require any assistance regarding the layout of a travel logbook do not hesitate to contact Dave Beattie on 031 582 7410 or [email protected].