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WS says: 20 April 2016 at 23:49 I would like to know if a sole proprietor may allocate a travel allowance to himself? In regards to a retirement or provident fund may I do payment once a year up to 27. 5% of my earnings or must I do it monthly? Your help will be greatly appreciated WS |
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TaxTim says: 21 April 2016 at 10:43 A travel allowance is given by an employer to their employee as part of their salary package and therefore is not applicable to a sole proprietor. As a sole proprietor though, you should be able to deduct all your business related travel expenditure. It depends on the rules of the fund, but you should be able to make monthly or annual payments to a Retirement Annuity up to 27,5% of your taxable income. Please read our blog on the New Retirement Fund Tax Laws |
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