Digitally transform your fleet to get your business in gear for EOFY 2019

By Jim French, Australasian Solutions Specialist at Teletrac Navman

When you’re managing a fleet, it’s difficult to keep track of your assets and have your paperwork ready for tax time. After all, you’re not just managing a fleet – you’re managing drivers, maintenance schedules, compliance, workplace health and safety, audits – and the list goes on. The last thing you need at the end of the financial year is a tax nightmare, but with the right technology in place, you can streamline your operations and reduce the stress of EOFY.

Why digitise?

Accurately keeping track of your assets is essential for businesses of all sizes. Digitisation helps to easily track essential business information and keep your business on target. Importantly, digital tools like electronic logbooks and GPS fleet tracking create accurate and easily accessible business records for quick and easy audits.

They provide businesses with a comprehensive view of all business operations – including locational data, downtime, maintenance schedules, fuel usage and driver compliance. They also help to identify any bottlenecks or issues with job delivery and are flexible for easy job planning and rescheduling.

Not only will fleet management technology help with easy auditing, job scheduling and asset deployment, it will also ease your burden at tax time – here’s how.

Reduce Fringe Benefit Tax with electronic logbooks

Electronic logbooks capture data from your drivers in real-time, and provide an accurate view of their vehicle use while undertaking jobs. At tax time, you’ll be required to calculate your fringe benefit tax (FBT) – the tax paid on ‘benefits’ provided to employees, including company cars – and electronic logbooks can help you to maximise your claim.

Electronic logbooks have the ability to create direct FBT reports at the end of each work journey, and by setting established and clear limits for business use. With an ATO Class Ruling, you can minimise your FBT liability. Generating these reports makes your end of year claims easier and faster. It also means you’ll be paying an accurate and easily calculatable amount, rather than the default flat rate of 20 per cent, which could cost you money in the long term.

Manage Fuel Tax Credits with GPS tracking

All businesses that use fuel are entitled to rebates on their fuel tax, known as FTC – but without accurate tracking and fuel usage data, you might not be receiving your owed return. Did you know that areas like transport depots and shipping ports are classed as ‘off-road’ areas, and that because of that, you can claim a higher rate of credits for fuel used in these areas? There’s also special consideration for farm sites, oil fields, forests and heavy equipment use under Australian law.

GPS tracking allows you to monitor this fuel usage, and provides accurate calculations of FTC entitlements based on road network usage and distance travelled. Teletrac Navman’s own FTC Manager solution enables maximisation of your claims with an ATO Class Ruling that lets you streamline FTC claims directly with the Australian Taxation Office. Using this technology can save between 60 to 80 hours per year in administration time, and reduces the risk of poor calculations, putting money back in your pocket.

In the long run, digital solutions for your fleet will save you time, money and stress – particularly as EOFY approaches. Investing in these solutions will free up your business to focus on the things that matter most, and make sure you’re on top of your tax this year.