The South African Revenue Service (SARS) wants to advise taxpayers who earn a motor vehicle allowance to record their odometer reading (mileage) today as February 28 marks the end of the tax year for individual taxpayers.
Taxpayers in receipt of a motor vehicle allowance are required to supply SARS with their opening (begins on 1 March of each year) and closing odometer readings (ends on February 28 of the next year) in their tax returns in order to qualify for any deductions in this regard.
The reading will help individual taxpayers [in receipt of motor vehicle allowance] to fill in their logbooks accurately. The exercise will also help distinguish between the proportion for distances travelled for business purposes and for the private use of motor vehicles from the total distance travelled for the 2006/7 tax year.
SARS has published radio and newspaper advertisements to remind motorists of "Odometer Reading Day".
ENDS
ISSUED BY THE COMMISSIONER FOR THE SOUTH AFRICAN REVENUE SERVICE
PRETORIA