Hi,
My partner has been given a $140pw car allowance through her work since she has to use her own car a bit. Now we are new to this and were told that the allowance must be spent on the car (proven with reciepts) otherwise it has to be paid back at tax time.
So what is the in's and out's of this. Do we simply just keep records of our maintenance, repairs, insurances, rego and petrol? If we cannot satisfy the $140pw, are we expected to put money aside for tax time, or should we just make sure we spend it on the car somehow?
Sorry it's not on the subject of property.
Thanks,
Andrew.
My partner has been given a $140pw car allowance through her work since she has to use her own car a bit. Now we are new to this and were told that the allowance must be spent on the car (proven with reciepts) otherwise it has to be paid back at tax time.
So what is the in's and out's of this. Do we simply just keep records of our maintenance, repairs, insurances, rego and petrol? If we cannot satisfy the $140pw, are we expected to put money aside for tax time, or should we just make sure we spend it on the car somehow?
Sorry it's not on the subject of property.
Thanks,
Andrew.