Hi, I need to know about the south african 2023 reimbursive travel allowance, do we put it up as a fringe benefit before I can deduct it for individuals?
In South Africa, the reimbursive travel allowance for the 2023 tax year is designed to cover employees for business travel expenses incurred using their personal vehicles. It is important to distinguish between a reimbursive travel allowance and a travel allowance. A reimbursive travel allowance is not considered a fringe benefit if it is paid at or below the prescribed rate per kilometer set by the South African Revenue Service (SARS). For the 2023 tax year, this rate is R4.18 per kilometer. If the reimbursement does not exceed this rate and is for business travel, it is not taxable and does not need to be included as a fringe benefit on the employee's IRP5. However, if the reimbursement exceeds the prescribed rate, the excess amount is taxable and should be treated as a fringe benefit. This means it must be included in the employee's taxable income and reported on their IRP5 under code 3703 (reimbursive travel allowance). For tax deduction purposes, employees can claim a deduction for business travel expenses if they maintain a detailed logbook of their business travel. The deduction is calculated based on the actual business kilometers traveled, using either the prescribed rate or actual costs incurred, provided they have the necessary documentation. In summary, a reimbursive travel allowance at or below the prescribed rate is not a fringe benefit and does not need to be deducted. If it exceeds the rate, the excess is a fringe benefit and must be reported accordingly.
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