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Are you ready for 20% hike in employees’ tax?
Tax Bulletin | 27 August, 2009 | Hot Topics:
Dear fellow taxpayer
Earlier this year, the Minister of Finance announced that in the 2010 tax year SARS will tax our travel allowances very differently...starting with the scrapping of the deemed business kilometres rule. The 2009 draft Taxation Laws Amendment Bill, currently under review, gives us some details.
One of the big proposals in the Bill sees the taxable portion of your employee’s monthly travel allowance increase from 60% to 80%. That means the tax-free portion of his travel allowance drops from 40% to 20%...increasing his employees’ tax bill by 20%!
This change is likely to come into effect on 1 March 2010 so you must start reviewing your employees travel allowances now! And with the deemed kilometre rule falling away, get your employees into the habit of keeping a logbook now. From next year, they’ll have to base their business travel deductions on actual business kilometres travelled.
Until next time.
Regards
Ettiene Retief
Editor in Chief
The Practical Tax Handbook
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Editors note
Fulvia Stoltz
Tax Bulletin Editor
The Tax Bulletin is packed full of tax tips, commentary on changes to the tax landscape and is also an interactive tax forum which aims to help you efficiently manage your taxes and avoid all the traps. It is also a handy reminder of the deadlines which taxpayers have to meet.
