2020 TAX BRACKETS FULL
On assessment, further relief is available for the cost of license, insurance, maintenance and fuel for private travel if the full cost thereof has been borne by the employee, and if the distance travelled for private purposes is substantiated by a log book.Įvery employer in South Africa must withhold PAYE (Pay-as-you-earn) from remuneration paid to an employee.On assessment, the fringe benefit for the tax year is reduced by the ratio of the distance travelled for business purposes, substantiated by a log book, divided by the actual distance travelled during the tax year.The percentage is reduced to 20% if the employer is satisfied that at least 80% of the use of the motor vehicle for the tax year will be for business purposes. 80% of the fringe benefits must be included in the employee’s remuneration for the purposes of calculating PAYE.– acquired by the employer under an operating lease, the taxable value is the cost incurred by the employer under the operating lease – the subject of a maintenance plan when the employer acquired the vehicle, the taxable value is 3,25% of the determined value or The taxable value us 3.5% of the determined value (the cash cost including VAT) per month of each vehicle.See Employee Tax Structuring for more detailed rules. On Demand Webinar | 2022 Budget Speech Implications for South Africans Working into Africa in Mining and Related Services.On Demand Webinar | Moving To The UK: Tax, Residency By Investment & Forex Considerations.
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