The Importance Of Keeping A Log Book
When the time comes to fill out your tax return and you need to claim back for work related expenses, you need to have a fully complete log book. Not keeping an updated log book can result in you paying more tax than you should.
Keeping a car log book is vital for those people who use their vehicles in order to perform their duties. Most people who keep a log book will know that are basically two instances where you would need a log book:
These include:
In cases when an individual wants to claim a deduction on their personal tax return for car expenses that are work-related.
The second is where an employee is provided with a company car and the employer requires the employee to keep a log book for fringe benefit tax.
Why, a good log book is important:
The Tax Office has, of late, have introduced a regulatory program where they keep a data base in order to determine the tax compliance of companies who buy and sell motor vehicles.
It is quite a mission to log every km you drive for business sometimes and it can be quite a hassle.
We have some good news though, there is a logbook App for this:
The logbook app has been designed to help you track your vehicles mileage and save you money in the form of tax returns. The app is really simple because you can use GPS tracking or manual tracking across many platforms found on an android device, iPhone and also Blackberry.
The information is viewable on the web and the data is backed up for review at your own convenience. You can find all the data that is stored at www.logbookonline.co.za.
The logbook app will ensure ease of use as well as accurate data capturing which will result in Tax savings. You can now base your claims on the accurate data collected for travel expenses, both personal and business related, on the actual distance travelled. There is also an extra feature included that will inform you if your vehicle is over insured, based on the wear and tear and depreciation of your vehicle.
Millions of Rands are wasted each year because people over-insure their vehicles. This feature is available to anyone who installs the Logbook App.
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