Page 64 - P6 Slide Taxation - Lecture Day 3 - VAT Part 1

Income from Employment

Allowances

• Travel allowance page 363

• To claim the actual costs for business travel the

following limitations applies:

• For a leased vehicle=total payments must not exceed

fixed costs as per the table for the category of the

vehicle.

• Where the vehicle is owned by the taxpayer the wear

and tear should be determined over a period of 7

years and the cost should be limited to R480 000.

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