30 Tax Saving Secrets

Practical Tax Loose Leaf Service Bonus Report

Do you know how to ensure your logbook passes SARS’ scrutiny? You can’t claim the Vat back on entertainment expenses right? Well here are 9 entertainment expenses you can claim! Do you know how to avoid fringe benefits tax on private travel provided for your employees?

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Contents:

  • The “Bluffers Guide” to logbooks – maximise your travel claims
  • Master these 9 exceptions to claim input tax on entertainment
  • Three tips to keep your trust out of court
  • Beware of these 8 common fringe benefits – they will be taxed!
  • Can you be an independent contractor when you’re working through a labour broker?
  • Three important guidelines to avoid unexpected Vat consequences when buying or selling a business
  • Recover your Vat refund when you change how you apportion your Input Tax
  • Private taxable travel now has an exception to the rule: take advantage!

The “Bluffers Guide” to logbooks – maximise your travel claims

There is nothing quite as frustrating for a tax consultant as new clients who don’t have even the basics of tax planning. Give to the king what is due, but paying more than your dues is baffling. The following is the essence of maximising employee travel claims.

What exactly is a logbook?

There are those who think the book they keep in their cubby-hole, and on which all petrol amounts and kilometre intervals between visits to the fuel pump are noted, constitutes a logbook! Be warned – it most certainly does NOT.

A logbook is a declaration by you to SARS stating the actual business travel
undertaken during a particular fiscal year. SARS has three minimum requirements:
1) Date travelled.
2) Where you have gone and the reason for the travel.
3) Amount of business kilometres.

Keeping a logbook isn’t compulsory. However, with the scapping of the deemed
kilometre system, it will save you heaps in taxes.

If you receive a travel allowance, your logbook only needs to show the actual business travel done. Company vehicle employees only need to show the actual private travel undertaken.

If you'd like to know learn more of these tax saving secrets just start your
Practical Tax Loose Leaf Service 14 day risk free trial now!