Vehicle and Travel Expenses Tax Deductions
It is good to know the vehicle and travel expenses you could claim as deductions. But these expenditures must be related to your work. In order to know what to claim, you must always record your travel expenditures.
What qualifies as vehicle and travel expenses?
1. Journeys between home and work or between work stations. Note that these journeys are considered private. Even so, you may claim a deduction if part of the trip was work related.
2. Vehicle expenditures – Note that you can only claim this if you used your car for a work-related trip.
3. Other expenses – These can include expenses for accommodation, catering and transportation while away all night for work. You may claim for fuel costs incurred when using a borrowed car for an overnight work assignment.
Vehicle and Travel expenses when awarded transport payments
If your boss gives you an award transport payment, it becomes a taxable income and must be featured in your tax return. There are instances when you could claim a deduction still.
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