Geotab, a global leader in telematics technology, has announced the release of its Electronic Logbook specifically designed to meet the needs of Fringe Benefits Tax (FBT) reporting for businesses in Australia.
FBT is applicable when employees utilise company-owned vehicles for personal use, resulting in a taxable benefit in place of salary or wages.
Under Australian taxation law, employers are obligated to pay FBT on such benefits.
Australian businesses providing company-owned vehicles to their employees face stringent record-keeping requirements for FBT from maintaining detailed records of motor vehicle usage to submitting reports to the Australian Taxation Office (ATO).
This process can be arduous for employers without the proper technology, such as an in-vehicle telematics system.
Geotab has developed an Electronic Logbook for FBT as an add-in in MyGeotab and the Geotab Drive mobile application to address the challenges faced by businesses in meeting the FBT reporting requirements.
This add-in feature empowers drivers to categorise their trips for business or personal use, facilitating easy self-assessment of FBT liability and vehicle use records.
By leveraging this solution, businesses can efficiently manage their fleets and enhance the accuracy of FBT reporting.
In line with industry standards, Geotab Australia successfully obtained ATO Class Ruling CR 2024/2 entitled “Electronic car logbook and odometer record-keeping system” in January 2024.
“Our Electronic Logbook represents a significant advancement in simplifying FBT reporting for businesses in Australia,” AVP Sales – APAC David Brown said.
“Geotab remains committed to providing innovative solutions that enhance fleet management and ensure compliance with regulatory requirements through a user-friendly application.”
To learn more about Geotab’s Electronic Logbook for Fringe Benefits Tax, visit https://www.geotab.com/au/fbt/