Using Plantcom for Fringe benefits tax (FBT) Reporting
Still using the old Log Book Methods for FBT purposes?…Let Plantcom assist with all your ATO approved FBT trip reporting needs.
FBT is the tax levied by the ATO on the provision of ‘benefits’ provided by your employer for private use. In the case of cars, the ATO calculates this by looking at how many klms you travel per year. From 1st April 2014 this will also look at what percentage of your vehicle usage is used for business purposes.
The FBT statutory rates changed as at 10th May 2011 and some will be gradually phased in over the next few years. A Summary of the rate changes are below:
Distance travelled during the FBT year from 1 April 2014
0 – 15,000 km 0.20
15,000 – 25,000 km 0.20
25,000 – 40,000 km 0.20
More than 40,000 km 0.20
From 1 April 2014 all leases (irrespective of annual klms) will pay 20% Statutory FBT and will be taxed at 47% (49% for the period 1/04/2015 – 31/03/2016 due to the debt levy).
The operating cost method is still available for those wanting more accurate FBT accounting – of course this method will be more advantageous if you are using your vehicle for less than 20% personal use.
How we can help…
Plantcom customers simply LOGIN to the Fleetgate platform via a Smart Phone or tablet, locate the trip, Click the FBT button, Click either Business OR Private and then enter a brief descriptor for the trip. This can be done on the spot or completed at the end of each day.
Through the Plantcom reporting system you can track all FBT and maintenance expenses 24 hours a day 7 days per week so you can always keep on track with your lease provisions. We also track your klms, time on site and produce FBT reports to ensure that reporting at the end of the FBT year is as easy as possible for your employer and you.
By looking at the term of the lease and your expected kms we set budgeted amounts for the following running expenses.
Get started by contacting Plantcom today. click here or call 07 3890 4452