Tax planning log book sars have now made it compulsory to have a detailed car log book. Travel log book sars alot of you are probably trying to sort out your log book into the correct format for submitting your 2012 sars returns. Must i submit the log book when submiting on sars efiling. N3 in order to claim any reduction against the travel allowance received, a log book needs to be maintained. This gps logbook is webbased so you access your trip data anytime, anywhere, provided you have an internet connection. The log book has been done manually in a book so i will have to transfer all that information into digital form but thought i could go ahead do efiling without attaching it, and then if they request then i could do a digital form of the logbook. Alternatively you can calculate your claim based on actual costs. A log book has to be kept to verify private and business km travelled opening and closing odometer readings must be provided as at 2802 and 0103 travelling from home to office and visa versa is deemed to be private version 2. Sars each year you will find the cost tables which apply to the tax year from 1 march 2010 to 28 february 2011 on the next page of this logbook. The log book has been done manually in a book so i will have to transfer all that information into digital form but thought. Ota vehicle log book template online tax australia. Suitable for individuals who need to compile a vehicle logbook for income tax purposes and for. Matrix understands that keeping track of your trips can be a little bit tiresome.
With matrixs electronic sars tax logbook, you can easily and effortlessly track, measure and monitor vehicle mileage, fuel consumption and maintenance costs. The details of that certain person are also included in the log book. It is compulsory to keep a logbook for south african revenue services to submit a claim for your vehicle expenses on year end. Your percentage of using your vehicle for business purposes for that entire base year was 70%.
Calculating a travel deduction if you are in receipt of a travel allowance introduction it is now compulsory to keep a logbook of all your travel in which you. Sars logbook for business travel mybroadband forum. You can even calculate your claim using the calculator on the gps log book website, based on the 20152016 sars cost table, which will provide you. Free travel logbook online electronic tax logbook dryk. Live life simply by using the sars tax logbook for automated travel, fuel and maintenance reporting. Jul 21, 2015 what i would like to ask is does the travel log book have to be attached or only on request by sars. How to keep a vehicle log book june 3, 2015 in news should your employment require you to utilize your private motor vehicle for a range of business activities eg visiting client sites, travel between locations, sales calls etc then keeping a vehicle logbook can be a great way to ensure your achieve the maximum motor vehicle tax deduction in. The south african revenue service reserves the right to audit and query the content or information recorded by the taxpayer in any logbook. If you receive a travel allowance from an employer or principal, you can claim a deduction on assessment of your annual income tax return for the use of a private motor vehicle for business purposes. I forgot to add my vehicle tax form so i assumed thats what they were looking for and uploaded it 14 days later i recieved the same letter which is a templated letter covering a broad spectrum of documents required to complete the refund.
Travelling has become the most important part of life that one cant ignore it for sure. In late 2017, chinese scientists traced the virus through the. The handy plug in and go gps trip logger uses the latest tracking technology to. In other words, failure to provide a log book results in an unnecessary and entirely avoidable financial penalty. In respect of the actual cost reduction method, the capping applies in respect of wear and tear or lease payments and finance charges. Jul 12, 2017 it is not necessary to record details of private travel for example, that the recipient went to the movies on x date and the distance travelled was y kilometres or daily opening and closing odometer readings. It is a very easy way to provide the good security to your dear ones. Travel elog book sars logbook used to claim a deduction on personaltax. Little logbook offers you an unbelievably simple electronic solution to this requirement. One item, motor vehicle expenses is being analysed. The actual distance travelled during a tax year and the distance travelled for business purposes substantiated by a log book are used to determine the costs which may. Severe acute respiratory syndrome sars is a viral respiratory disease of zoonotic origin that surfaced in the early 2000s caused by severe acute respiratory syndrome coronavirus sarscov or sarscov1, the firstidentified strain of the sars coronavirus species severe acute respiratory syndrome related coronavirus sarsrcov.
For employees of new and used car dealers or employees in the motor vehicle rental industry, sars accepted that the determined value of the company car was equal to the average cost of all stock in trade or rental vehicles on hand at the end of the employers preceding year of. In this case you also have to keep a logbook to support your claim for related expenses, but you do not need to submit the log book with your itr12 return. Date duration of trip odometer reading total km travelled purpose of trip additional information optional start time finish time start finish name of driver date entered signature. To view the full contents of this document, you need a. You may only claim travel expenses if you kept a valid vehicle logbook. The gps log book device plugs into the cigarette lighter in your car and. Travel elog book sars logbook used to claim a deduction on personaltax when can you claim for travel. Given how tight most south africans budgets are with rising travel costs, including fuel prices, fuel levies, etolls and the eminent carbon taxes, receiving a sars refund on your travel allowance is always welcome.
Aug 25, 2015 download vehicle log book to track your cars mileage and more. This sars pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related. Download vehicle log book to track your cars mileage and more. Use this log book template to compile a complete vehicle logbook for all business and private travel. This free service allows taxpayers, tax practitioners and businesses to register free of charge and submit returns and declarations, make payments and perform a number of other interactions with sars in a secure online environment. What you need to know about managing your tax returns this year. Jul 10, 2012 travel log book sars alot of you are probably trying to sort out your log book into the correct format for submitting your 2012 sars returns.
Even though the hand written logbook is still compliant to the requirements of sars, it is definitely a very time consuming affair. Sars efiling is a free, online process for the submission of returns and declarations and other related services. South african revenue services logbook sa government. Keeping your sars travel logbook in order used to be a headache. Having an accurate travel log book could help you get r17 719 back in your. With regard to renewing the registration of your log book vehicle it is pretty much as before. Aug 01, 20 what about a vehicle supplied by your employer. Must an independent contractor keep a travel logbook to get a.
Logs april 15, 2015 february 7, 2019 kate log book, log book template, vehicle log book, vehicle log template, vehicle maintenace. It is not necessary to record details of private travel for example, that the recipient went to the movies on x date and the distance travelled was y kilometres or daily opening and closing odometer readings. Gps log book how to generate a sars compliant logbook. The fixed cost must be reduced on a pro rata basis if the vehicle is used for business purposes for less than a full year.
To claim a deduction for car depreciation, you will need to file form 4562. Keeping a vehicle log book in an electronic form can bring lots of benefits for the owner. How to keep a vehicle log book online tax australia. So i called sars and they said i needed a daily log book instead of a. This can be easily done with the help of vehicle log template. If you use a vehicle for your own business or for company kilometres, you need to keep track of the distances you travel andor fuel usage in order to claim a travel allowance and sars fuel rebates. A separate logbook must be kept for each motor vehicle where more than one motor vehicle has been used for business travel during the year of assessment. It is now compulsory to keep a logbook of all your travel in which you record what travel was for business and what travel was for private purposes if you want to claim a. Where the vehicle is owned by the employer, the taxable value is 3,5% of the determined value the cash cost including vat per month of each vehicle. After the data has been uploaded to the gps log book server, via a user friendly online interface, then sars compliant log books can be created. The actual distance travelled during a tax year and the distance travelled for business purposes substantiated by a log book are.
Log book server, via a user friendly online interface, then sars compliant log. What you need to know about managing your tax returns this. May 16, 2019 the fixed cost must be reduced on a prorata basis if the vehicle is used for business purposes for less than a full year. Mslb is a crossplatform simple logbook program application to write work logs or even a diary. A taxable benefit shall be deemed to have been granted where an employee is granted the right of use of any motor vehicle for private or domestic purposes, the cash equivalent of the value of the taxable benefit shall be so much. Easy download for sars 2015 travel logbook, writeoff periods and paye monthly tax deduction tables.
We are providing you three excel sheets as sample and all of them are printable. For example, a car with a value of r250 000 with 20 000 business kilometres travelled, could result in a payment to sars of r15 892 at the end of the year. An excel spreadsheet designed for the log book is a great tool for keeping yourself updated on your vehicles performance. Fringe benefits right of use of motor vehicle sa tax guide. Collect your free travel logbook for sars here it is compulsory to keep a logbook for south african revenue services to submit a claim for your vehicle expenses on year end. The template accommodates multiple vehicles and can also be used to calculate travel charges for invoicing to clients. Its maintenance is very necessary along with the detail record. The actual distance travelled during a tax year and the distance travelled for business purposes substantiated by a log book are used to determine the costs which may be claimed against a travelling allowance. This assists in the log book submission of an annual tax return. What i would like to ask is does the travel log book have to be attached or only on request by sars. Travel elog book sars logbook used to claim a deduction. You need to get a log book v5c if the original has been lost, stolen, damaged or destroyed, or you have not received one for your new vehicle. The gps log book device plugs into the cigarette lighter in your car and automatically records all vehicle mileage. Travel log book 2018 download here travel log book 2017 download here travel log book 2016 download here.
The fixed cost must be reduced on a prorata basis if the vehicle is used for business purposes for less than a full year. Travel log book 2019 download here ctf provides you with a workable sample here car log book. Free excel logbook for sars download at the bottom of the page. It is a key document that ensures a perfect investment on your asset. If you are looking to create an excel logbook for sars and you want it to include the dates for working days only, you can easily create it in excel using the workday function. You can upgrade to the latest version of adobe reader from. Little logbook offers you a simple solution for tracking your vehicle movements and usage. Now you can keep your vehicle log book up to date with oneclick simplicity from taxtim. You need not have kept an accurate record of all your expenses simply use the costs linked to the value of your vehicle. I thought a travel logbook is only applicable to travel allowances for employees. This is why matrix offers all mx3 customers access to the best, stateoftheart automated sars tax logbook.
If you use your car to travel for business, you must keep a sars logbook to record how far you drive to claim income tax deductions for. You go back to your complete fullyear mileage log for the 2015 tax year, which youve chosen to use as your base year, look at the records for january, february and march, and find that your business use of vehicle percentage during that time was 68%. To do this, youll have to keep an accurate record of all your expenses during the year, in addition to keeping a. Calculate your claim based on the cost scale table which sars supplies youll find this table in the introduction section to the travel elogbook calculate your claim based on actual costs. A taxable benefit shall be deemed to have been granted where an employee is granted the right of use of any motor vehicle for private or domestic purposes, the cash equivalent of the value of the taxable benefit shall be so much of the value of the private use of such vehicle as exceeds any consideration given by the.
Closing kms as of the end of february 2019 log book from 1st of march 2018 28 february 2019 purchase contract of vehicle if you bought a new vehicle during the 2018 tax year email everything to us. Vehicle logbook app for recording work trips taxtim sa. It allows you to keep track of business and private trips. No fuel cost may be claimed if the employee has not borne the full cost of fuel used in the vehicle and no maintenance cost may be claimed if the employee has not borne the full cost of maintaining the vehicle e. This tax form is used to claim the special depreciation allowance, macrs depreciation, and the section 179 deduction. You can even calculate your claim using the calculator on the gps log book website, based on the 2015 2016 sars cost table, which will provide you. Take your completed travel logbook together with all other supporting documents with. The vehicle log book is perhaps one of the most important tools for your vehicle maintenance. Almar financial services tax consulting home facebook. Ive been using excel to do my logbook for quite some time now, and the spreadsheet posted on this blog has helped me quite a bit. Travel elog book sars logbook used to claim a deduction on.
A logbook which taxpayers may use is available on the sars website. This sars pocket tax guide has been developed to provide. To view the full contents of this document, you need a later version of the pdf viewer. Mslb can also use a bunch of presets that you can add with a simple doubleclick.