As a sales representative, I am required to travel frequently in the course of my duties. My employer reimburses me $500 each month for the uses of my E-plated car for business purposes. Am I entitled to claim a deduction on the car expenses incurred by me? Are there any order income tax implications? Generally, in respect to salon cars only expenses incurred on Q-plated cars are deductible. The $500 payable by your employer can be viewed from two angles: Round sum allowance at $500 p.m. The amount would be taxable on you with no deduction for car expenses as the car in question is not a Q-plated car. However, the company would enjoy a tax deduction; the payment being additional remuneration payable without any reference to your transport expenses.
Payment based on actual mileage claims up to $500. It could be argued that the payment should not be taxable in your hands. On the other hands, the company would not enjoy en income tax deduction because section of the income tax Act explicitly prohibits deduction of any expenses incurred whether directly or in the form of reimbursements in respect of non-Q-plated cars.
The law provides that the income of a married. Woman…shell be deemed to be the income of the husband, and shall be charged in the name and the husband and not in her name. Separate assessment applies only to earned income. As interest income is not an earned income, the comptroller appears to be correct in raising the additional assessment in question.
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