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Geotab launches Electronic Logbook for FBT reporting in Australia

Geotab launches Electronic Logbook for FBT reporting in Australia

Geotab has announced the release of its Electronic Logbook, tailored to address the Fringe Benefits Tax (FBT) reporting requirements for businesses in Australia.

Fringe Benefits Tax (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 that provide company-owned vehicles to their employees are confronted with stringent record-keeping requirements for FBT. These obligations range from maintaining detailed records of motor vehicle usage to submitting reports to the Australian Taxation Office (ATO). This process can become arduous for employers who lack the appropriate technology, such as an in-vehicle telematics system.

Geotab has developed an Electronic Logbook for FBT as an Add-In within MyGeotab and the Geotab Drive mobile application to address the challenges businesses face in meeting FBT reporting requirements. This Add-In feature empowers drivers to categorise their trips as either “Business” or “Personal,” 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.

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According to David Brown, associate vice president of sales – APAC at Geotab, the Electronic Logbook marks a notable stride in streamlining FBT reporting for Australian businesses.

“Geotab remains committed to providing innovative solutions that enhance fleet management and ensure compliance with regulatory requirements through a user-friendly application,” said Brown.

In line with industry standards, Geotab Australia successfully obtained ATO Class Ruling CR 2024/2, titled Electronic car logbook and odometer record-keeping system, in January 2024. This ruling instils confidence in customers who rely on the system for ATO-compliant FBT reporting. When the FBT Report is used in accordance with the terms of the ATO Class Ruling, customers can be assured that the ATO will accept the reports as compliant with FBT legislation regarding car logbooks.

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