Spettacolo
MiX Telematics launches new, Australian Taxation Office-approved solution to simplify Fringe Benefits Tax claims
"Failing to track Fringe Benefits Tax correctly can have serious cost implications for fleets and cannot be ignored. Our easy-to-use solution provides accurate results at the touch of a button and captures relevant FBT-related information in real-time to help accurately calculate a fleet's FBT based on business-distance travelled. The FBT module is a valuable addition to our fleet management solution and will not only help fleets to save time, but more importantly, to save money," says Brodie Von Berg , MiX Telematics Managing Director for Middle East and Australasia.
The Australian Tax Office ruling (issued on February 24 ) stipulates that the MiX Telematics Australasia Pty Ltd (MiX Telematics) Fleet Manager systems (FMS) and the in-Vehicle Monitoring System (IVMS) can be utilised to reduce the operating costs in both a logbook and non-logbook year for the purpose of calculating the taxable value of a car fringe benefit using the cost-basis method. Sections 10A and 10B of the allow an employer to reduce the operating cost of a car for business journeys that are undertaken in the car during the period in which the car was held (either by the employer or another person). Such a reduction can only occur where certain conditions are met.
To learn more about the solution from MiX Telematics visit here.