Mistake 1: Not declaring travel expenses in order to claim a tax deduction
A travel allowance is paid to an employee if they travel for business purposes. This is usually paid on a monthly basis, irrespective of the kilometres travelled. Your employer is required to withhold PAYE either from 20% or 80% of the amount based on how often you need to travel. On assessment, the entire amount will be subject to tax, unless you have kept a logbook and complete the necessary details.
If your employer reimburses you for each kilometre travelled, it is not required to withhold PAYE unless the amount the employer pays you exceeds the prescribed rate per kilometre. In this instance, your employer should withhold PAYE only from the amount that exceeds the prescribed rate per kilometre . You must provide sufficient information to SARS for the deduction to be allowed.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Fonte: IOL - 🏆 46. / 51 Consulte Mais informação »