I currently receive a car allowance of $17,000 and a fuel card of $2000. My employment have changed their policy and removed these but have compensated me with this dollar amount by adding to my base salary. Am I worse off? My base below was under $100k and with the compensation I will be above $100k.
As described, I would suggest it won't make any difference. The allowances you received would have been considered taxable income and included in your annual income statement, and you'd then have claimed deductions for work-related vehicle travel separately to reduce your taxable income. Nothing's changed, @aacooray .
As described, I would suggest it won't make any difference. The allowances you received would have been considered taxable income and included in your annual income statement, and you'd then have claimed deductions for work-related vehicle travel separately to reduce your taxable income. Nothing's changed, @aacooray .
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