Car Allowance - Available deductions and Documents required
By Marc Sevitz · Updated
My question is - how will it be determined and what documents do I need to keep in order to have any available deductions? Please note that it is not a travel allowance but a car allowance.
You need to keep a logbook detailing all your travels for work and the total amount of km's traveled during the tax year as well as all expenditures made on the car. Receipts of these expenses must be kept. You would include these amounts in the ITR12 Income tax Return, and as your employer says any reduction in the amount owed to SARS will be calculated there.