The South African income tax system allows taxpayers who receive a travel allowance to claim a deduction for the use of their private vehicle for business purposes. In order to claim a deduction the odometer reading of the vehicle must be known and an official SARS tax logbook needs to be completed.
After entering the odometer reading into the iTrack Live system, a SARS compliant tax logbook will be automatically generated for you. You simply need to submit this logbook to SARS when requested, to claim your tax deduction. SARS recommends that you record your vehicle's odometer reading on 1 March each year and again on the last day of February of the following year. The iTrack Live fleet management solution automatically records your mileage which will help you make an accurate claim when submitting your tax return.
For tax calculations a SARS tax logbook can be generated by marking individual trips as business or personal.
As of the 1st of March 2010 it is compulsory for employers to keep a logbook of each trip that a vehicle completes to claim back any deduction or allowances from the South African Revenue Service.
iTrack Live's fleet management solution allows you to automatically generate a logbook in the format requested by SARS. Your trips will be filled in for you by the system and can be easily allocated as business or personal.