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Struggling to create a car allowance policy? Our guide outlines key factors to consider, including eligibility, mileage rates, and best practices for safety. A car allowance policy needs to be effective for your business and employees.
- English (Ca)
A company car allowance policy details the structure of the...
- English (Ca)
Your definitive guide to developing a smart car allowance policy. Learn about labor and tax codes, as well as the basics about car allowances.
1This document outlines the options, allowances and choice of cars available to employees who are eligible to receive a [organization] car or a Monthly Car Allowance and the responsibilities and actions required of the employee.
There are two ways to deliver a car allowance or reimbursement that accurately and fairly pays employees for the business use of their vehicle. You can either have employees keep track of receipts, or you can use vehicle expense data that accurately predicts employees' vehicle expenses.
A FAVR Allowance and reimbursement program will reduce your direct costs of vehicle operation and simplify the budgeting for usual fleet expenses, and introduce controls over what vehicles employees choose or how employees spend their reimbursement allocation and insure the vehicle.
From understanding the calculations for an employee's individual car allowance to the potential tax benefits, it can help minimise any complications that come with company cars and managing a car allowance policy.
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