Toby Maguire received a travel allowance from his employer amounting to R 65 000 for...
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Accounting
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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