I moved from one employer last year at the end of November. I used a company car, on which I attracted fringe benefit tax. In December 2015 I started with another company, and received a car allowance. I am able to claim business km's for which I am reimbursed at a rate of R3. 29 p/km (subject to monthly logbook submissions). What are my likely tax implications for this filing season based on this, and will I able to file in way to accommodate both scenarios?
Yes, I have kept detailed logs for both vehicles to date.
TaxTimsays: 10 June 2016 at 17:10
You would have to show each vehicle one at a time on the tax return and split them by the dates of use and put both logbooks in per vehicle. If you have source code 3703 on your second IRP5 for the reimbursed travel then you do not need to show this second vehicle. The first one will be put under Company Car not travel allowance.
When tax season opens on 1 July please make use of TaxTim to guide you through this process.
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