Urgent REMINDER - Odometer Day – 28 February 2011!!

It is that time of the year again! Log books must be updated and maintained for employees and individuals receiving a travel allowance as well as employees who receive a company car fringe benefit.

An accurate log book must be kept to record the kilometers travelled between the 01 March every year and 28 February the following year by the employee, in order for the value of the fringe benefit to be reduced on assessment by the specific business kilometers travelled.

However if no log book is maintained, the employee will not be allowed any deduction on the value of his fringe benefit and will therefore have to pay tax on the full deemed private use when assessed.

Please ensure that you have taken your Odometer Reading! 

Aneesa Khan | Assistant Financial Manager