A subsistence allowance is where an employer may pay an employee a daily allowance for accommodation and meals during a period while the employee is out of town on business. The subsistence allowance to be included in taxable income of an employee is calculated as follows: Subsistence allowance received less portion spent for business purposes…
Category: PATC Allowances
How to Make the Most of Your Travel Claim
One of the many business tax services offered by PATC (Professional Accountants and Tax Consultants) is assistance with travel claims. Travel allowances and the claiming of travel deductions under the present tax system will ultimately be phased out. Every year we see SARS shutting the door a little tighter on the popular benefit. If you…
Business Mileage
Most of us use our personal vehicle for business purposes, it is therefore important to log the total distances travelled for all for business trips in order to claim back these expenses. What can you claim? The income tax system allows taxpayers who receive a travel allowance to claim a deduction for the use of…
What Is A Travel Allowance?
A travel allowance is an allowance or advancement given by your employer for business travel required by the employee for employment purpose of using your motor vehicle. The vehicle does not have to be in the name of the employee It can be your wife’s vehicle, cousin, any person, provided that person is not going…