Toby Maguire received a travel allowance from his employer amounting to R 65 000 for...
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Toby Maguire received a travel allowance from his employer amounting to R 65 000 for the current year of assessment. He uses his car for business and private travels. He bought this car exactly 1 year ago for R 230 000 (including a VAT). Toby travelled a total of 14 500 kilometres during the current year of assessment, of which 9 500 were for private purposes. He also kept an accurate record of expenses incurred in respect of the car for the current year of assessment. The costs are as follows:
|
| R |
| Finance charges | 39 555 |
| Maintenance cost | 5 500 |
| Fuel cost | 11 500 |
| Insurance premiums and licences fees | 4 250 |
REQUIRED: Calculate the taxable portion of the travel allowance received by Toby Maguire for the 2023 year of assessment.
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