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Quote of the day: When there is an income tax, the just man will pay more and the unjust less on the same amount of income. - Plato

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Quote of the day: A city that outdistances man's walking powers is a trap for man. ~Arnold Toynbee

Savings Tip: Compare unit prices on labels when shopping (for example, price per Kg). You can save thousands of dollars a year by purchasing items with the lowest price per unit.

Tomorrow we will be drawing the name of one LUCKY winner of a Little Logbook valued at R899! Could it be you? Only those that have entered will be eligible!

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Quote of the day: For every benefit you receive a tax is levied. - Ralph Waldo Emerson

Savings tip: Always do your grocery shopping with a list of items you need, and don't buy anything that's not on the list. You can save thousands of rands a year by avoiding impulse food purchases.

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Quote of the day: The best car safety device is a rear-view mirror with a cop in it. ~Dudley Moore

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Quote of the day: The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital... the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth in the economy. - John F. Kennedy

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FAQ - Why do I need to create a password? The password is to ensure that your recorded data remains secure.

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FAQ - Why do I need to add my car registration? The car registration identifies the vehicle used to claim the tax benefit (vehicle specific).

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Quote of the day: Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. - Ronald Reagan

Savings Tip: Track your spending and cash – know where every rand goes!

Do you think South African tax laws are fair and healthy for our economy?

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Nothing escapes the taxman...

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Quote of the day: Never drive faster than your guardian angel can fly. ~Author Unknown

Savings Tip: Make your own coffee at home rather than buying from a store, or at least cut down the number of times per week you purchase coffee.

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Quote of the day: What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin. - Mark Twain

Savings Tip: Exercise at home rather than joining a gym.

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Quote of the day: The civilized man has built a coach, but has lost the use of his feet. ~Ralph Waldo Emerson, "Self-Reliance," 1841

Savings Tip: Cancel your satellite TV, as well as subscriptions to magazines and newspapers.

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Quote of the day: To tax the community for the advantage of a class is not protection: it is plunder. - Benjamin Disraeli

Savings Tip: Improve your fuel consumption by taking care of your car with scheduled services, or just drive less. Consider carpooling, walking, taking the bus, or riding your bike.

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FAQ - What information is collected and logged? GPS co-ordinates and geo location.

Two things are sure...

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Quote of the Day: The one thing that unites all human beings, regardless of age, gender, religion, economic status or ethnic background, is that, deep down inside, we ALL believe that we are above average drivers. ~Dave Barry

Savings Tip: Rent a DVD instead of going to the movies.

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Quick question: do you think the taxes we pay are fair?

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How to keep a logbook for SARS | Tax Return

 

We all dread that time of the year when the Taxman comes for a visit. It means having to find everything we already know is either lost or stuffed right into the back of our storage areas in boxes that look identical.



This feeling is made worse for those of us who are made to keep track of their mileage driven on company time or for tax related returns. However, just because you have a logbook and sometimes remember to fill in what you’ve been doing doesn’t mean that you’re doing it correctly.



The process is made even more difficult and tedious because we rarely know exactly what we’re supposed to be doing. Here are a few tips on how to keep a paper logbook:

 

1.       The easiest way to forget to log your mileage is by forgetting to keep the book with you. A simple solution: Find a place inside the vehicle where it will be clearly visible during your trip. This way, you’re reminding yourself every time you see it.

 

2.       Make it a habit. When you make an act part of your daily routine, it becomes quite difficult to stop yourself from doing it without much of an effort. By doing this, you allow yourself to keep it in the back of your mind without regretting it later.

 

3.       Record everything. If you decide to only track your trips that are relevant to work, or only record longer trips, you risk forgetting the smaller trips which all add up substantially. By recording every single trip (which is again made much easier if you have picked up the habit of doing it), you will never have to worry about forgetting about any of your trips. Remember to fill in the relevant info (i.e destination address, distance travelled, reason for visit) every time you reach a destination, no matter how short or menial the trip is. Even a trip to the local grocery store warrants an entry.

 

4.       Be accurate. SARS requires your logs to be 100% accurate, down to the last kilometre. If one trip ends on 100.5km, the next one then MUST start on 100.5km in order to account for every meter of your trip. This is why it is important to keep a detailed account of every single trip.

 

5.       Once you have filled an entire book, replace it with a new one immediately. Take the full book and keep it in a safe place until you need it again (to record or hand in to your employer/tax consultant). It is important to keep all of your full booklets together in one place in order to avoid losing one and being stuck with a big gap in your yearly log.

 

Now, if this list has helped you figure out how to keep a logbook without pulling your hair out, there is one more solution. Paper is no longer the easiest way of logging mileage and distances. Electronic logbooks such as those made by The Little LogBook have made the whole process so much easier and don’t require half the effort on your part. Their GPS trip logger simply plugs into your vehicle, and does all of the work for you. It generates detailed trip reports that are compliant with SARS outlines, and can be password protected for your ease of mind. If you feel your day would be made easier with the use of lists instead of a single plug-in device, feel free to take my above advice, but it is always easier to let someone else do the work for you.

 

Call The Little LogBook now on (011) 050 0999 or visit their website directly from the above link to find out more about their fantastic product and where to find it.

Quote of the day: To tax and to please, no more than to love and to be wise, is not given to men. - Edmund Burke

Savings Tip: Don’t buy a sale item or use a coupon just for the sake of it being “cheaper.” Buy an item only if you need it! Shop with a list.

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FAQ - Why do I need AGPS? AGPS shortens the cold start satellite lock-on time considerably and therefore increases the device’s accuracy.

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Quote of the day: The car has become the carapace, the protective and aggressive shell, of urban and suburban man. ~Marshall McLuhan

Savings Tip: Cut down food costs by buying what you need on sale, buying generic brands, buying in bulk, and shopping at discount outlets.

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What is Little LogBook? It is a GPS trip logging solution that helps you record your mileage, in order to produce a SARS-compliant report.

If you drive for business, you need a Little LogBook

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Quote of the day: I'm spending a year dead for tax reasons. - Douglas Adams

Savings Tip: Don’t go grocery shopping on an empty stomach or you may end up buying more than you need.

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Did you know: As you drive around, the Little LogBook commits to memory GPS co-ordinates every 3 seconds, ensuring optimal accuracy!

From the mouths of children...

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Quote of the day: Hug your kids at home, but belt them in the car. ~Author Unknown

Savings Tip: Bring your lunch to work once or twice a week instead of buying it.

NEWS UPDATE: A new software update is available that allows you to manage multiple Little LogBook devices from one computer!

Did you know: To improve start up time, the Little LogBook is AGPS enabled. Satellite positions are uploaded onto the dongle when you sync!

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Quote of the day: Today, and I'm very strongly against tax increases. - Donald Trump

Savings Tip: Try take-aways once a month instead of dining out.

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Did you know: Little LogBook will automatically log all mileage as you drive around - no more hassles with calculators, pens and papers!

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Quote of the day: Any man who can drive safely while kissing a pretty girl is simply not giving the kiss the attention it deserves. ~Albert Einstein

Saving Tips: Do not use credit cards. Force yourself to pay cash so that you can track the money. You will never have a late payment and you will never pay interest to others at the very high rates credit cards charge.

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Did you know: Current tax laws require that ALL taxpayers with a car allowance submit a detailed logbook of business mileage.

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Quote of the day: Be wary of strong drink. It can make you shoot at tax collectors... and miss. - Robert A. Heinlein

Savings Tip: Are you spending every cent & more? Start by cutting back on a few items per week and putting away that money. Just say no to spending more than you have.

NEWS FLASH: SANRAL confirms e-tolling will not start in February

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Every time I see an adult on a bicycle, I no longer despair for the future of the human race. ~H.G. Wells

Savings Tip: Gather all important financially-related documents and receipts to a central location. File them so you will be able to easily find the items you need in the future. Consider a computer based financial program so you can keep track of every cent you spend – financial control is a special form of power!

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How to make the most of your travel claims: keeping a SARS compliant log book

 

Do you know what travel expenses you can and cannot claim? Do you know when or when not to use a logbook? Find out how to make the most of your travel expenses.

 

Save R 26 606.40 by keeping an accurate logbook

 

Maintaining an accurate logbook is a tedious affair but the benefit of additional tax savings may make it worthwhile.

 

An accurate logbook means you can base your claim for travel expenses for business and private use on the actual distances travelled. You may also be able to reduce the taxable benefit of the company vehicle used by you. No logbook puts you at the mercy of the provisions of the Income Tax Act, that can in some cases be extremely costly.

 

In fact, since 1 March 2010, if you’re using the gazette rates per kilometer method for calculating your travel claims, then no logbook means no claim!

 

Our practical example below shows you how you can easily save R 26 606.40 by keeping an accurate logbook.

 

Who can benefit from an accurate logbook?

• Sole proprietors, commission earners

• Employees who receive travel allowances

• Employees, directors, members, etc. using a company owned vehicle

 

Example

 

Vincent, a commission earner, is entitled to claim his actual motor vehicle expenses as a deduction from business income received. The cost price of the vehicle used was R300 000. The total motor vehicle expenses for the year are the following:

Motor vehicle expenses

 

Fuel and oil                    R9 554

Insurance                      R9 780

Maintenance                  R3 564

Licence                         R120

Lease payments             R90 000

Total                           R113 018

 

Vincent is not, however, entitled to deduct the total cost incurred. An adjustment must be made for costs attributable to the private use of his motor vehicle. The quantum of this adjustment can be determined in two ways:

 

1. Where accurate records of private and business distances travelled were not kept:

Private usage is determined in the same way that the private use of a company car is determined where no travel allowance is received. Assuming that Vincent carries the full costs of the running the vehicle the private use of the vehicle is calculated as follows:

 

R 300 000 x 100/114 = R 263 158 (VAT to be excluded)

(R 263 158 x 2.1%) x 12 = R 66 315.82

 

Total expenses             R113 018

Business use of vehicle

R 113 018 – R 66 315.82 =  R 46 702.18

 

Allowable deduction  R 46 702.18

 

2. Where accurate records of private and business distances travelled were kept:

Private usage is calculated on the actual business distances travelled in relation to the total mileage.

 

Summary of information recorded in an accurate logbook

Private km                   10 983 km

Business km                20 276 km

Total distance            31 259 km

 

Allowable deduction where an accurate logbook is kept

Total expenses            R113 018

Deemed business use of vehicle

113 018/31 259km x 20 276km

 

Allowable deduction R73 308.58 

 

An ACCURATE LOGBOOK would increase Vincent’s tax deduction by R26 606.40! 

Quote of the day: A democratic government is the only one in which those who vote for a tax can escape the obligation to pay it. - Alexis de Tocqueville

Savings Tip: How much should you save and/or invest? Save at least 15% of every cent you earn beginning with your first job. The older you are the higher the percentage has to go unless you think you can work forever!

Do you keep a logbook? Or do you think it's too much of schlep?

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Quote of the day: A pedestrian is someone who thought there were a couple of gallons left in the tank. ~Author Unknown

Savings Tip: Review your insurance coverage: Every year, review your health, life, disability, renter/homeowners, car, & personal liability policies to make sure you are adequately covered.

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Quote of the day: There is no such thing as a good tax. - Winston Churchill

Savings Tip: Set goals: Decide what you want to do with your money. Write down your goals and your strategy for achieving these goals.

What is Little LogBook?
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Little LogBook is an uncomplicated solution to a pressing problem in South Africa. Current tax laws require that ALL taxpayers with a car allowance submit a detailed logbook of business mileage. Without this logbook, the monthly tax benefits received are lost and the shortages would need to be paid back to SARS at the end of the tax year.

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What is the Little LogBook?

 

Little LogBook is an uncomplicated solution to a pressing problem in South Africa. Current tax laws require that ALL taxpayers with a car allowance submit a detailed logbook of business mileage. Without this logbook, the monthly tax benefits received are lost and the shortages would need to be paid back to SARS at the end of the tax year.

For example, a car with a value of R250 000 with 20 000 business kilometers traveled, could result in a payment to SARS of R15 892 at the end of the year (see case study). This is an unnecessary amount to lose, specifically because an inexpensive solution is available…

Little LogBook is a GPS device, no larger than a flash drive. It uses a minimum of four satellites to log your kilometers as you drive. This information is translated into a SARS-compliant report, using powerful software developed and supported in South Africa.

The beauty of Little LogBook is the simplicity of use and wealth of information gained.

• 
  Start by plugging the device into the cigarette lighter to power up.


• 
  Little LogBook will automatically log all mileage on the device as you drive around.


• 
  End by downloading the information via your USB port on your PC to Little LogBook software.


• 
  Quickly identify unknown trips by viewing the trip at street level on Google Maps™ (subject to acceptance of Google Maps™ Terms & Conditions of Use, http://maps.google.com/help/terms_maps.html).


• 
  Mark trips as private or business – if business, add relevant trip information.


• 
  The software automatically identifies the GEO locations, e.g. Randburg. These can be renamed, e.g. Office. Every time you return to that point, the software will instinctively recognise that you are at the “Office”.

 

It couldn't be easier!

 

 

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Quote of the day: It takes 8,460 bolts to assemble an automobile, and one nut to scatter it all over the road. ~Author Unknown

Savings Tip: Don’t go into debt, and if you are, get out of debt: Avoid CREDIT CARDS.

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Quote of the day: The hardest thing to understand in the world is the income tax. - Albert Einstein

Savings Tip: Build an emergency fund: You never know when you will need additional cash so try to have two to three months of living expenses in a readily accessible savings account or money market account.

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Quote of the day: Patience is something you admire in the driver behind you and scorn in the one ahead. ~Mac McCleary

It's always the same: when you wash your car it rains, but washing your car to make it rain, never works.

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Drive safely wherever you're going - for those in Gauteng, beware of the wet roads! Cheers