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Do I need a log book for a sole proprietor

Posted 27 February 2015 under Tax Q&A


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Hi Tim, I am a sole proprietor and have a question about deducting my vehicle and petrol for business use. Currently I am deducting 70% of my vehicles monthly installment as well as 70% of my fuel costs from my taxable profit. However I have not been keeping a log book, the 70% is an estimate which in my opinion is a bit lower than my actual business use. Almost all my mileage is for business use. Could I get in trouble for this? Do I need to keep a logbook? If ever asked by sars I could give a detailed explanation of how I got to 70% as I basically do the same business route everyday (go to the post office, visit manufactures etc. . . )

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TaxTim TaxTim says:
2 March 2015 at 7:35

You need to maintain a logbook at all times, otherwise SARS will not allow you to deduct the travel expenses unless you can reasonably justify this apportionment somehow. Unfortunately the best way is via a logbook.


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