Geotab Launches Electronic Logbook for Fringe Benefits Tax (FBT) Reporting in Australia

January 29, 2024

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1 minute read

SYDNEY, Australia – January 30, 2024 - Geotab, the global leader in telematics technology, is proud to announce the release of its Electronic Logbook specifically designed to meet the needs of Fringe Benefits Tax (FBT) reporting 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 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 Pty. Ltd. successfully obtained ATO Class Ruling CR 2024/2 entitled “Electronic car logbook and odometer record-keeping system” in January 2024. This Ruling instils confidence in customers relying on the system for ATO-compliant FBT reporting, that, when the FBT Report is used in accordance with the terms of the ATO Class Ruling, the ATO will accept the reports as being in compliance with the FBT legislation in respect of car logbook.

"Our Electronic Logbook represents a significant advancement in simplifying FBT reporting for businesses in Australia. Geotab remains committed to providing innovative solutions that enhance fleet management and ensure compliance with regulatory requirements through a user-friendly application," said David Brown, AVP Sales - APAC.

To learn more about Geotab's Electronic Logbook for Fringe Benefits Tax, visit https://www.geotab.com/au/fbt/

Media Contact

Nicole Riddle

Media Relations Manager

pr@geotab.com

About Geotab

Geotab is a global leader in connected vehicle and asset management solutions, with headquarters in Oakville, Ontario and Atlanta, Georgia. Our mission is to make the world safer, more efficient, and sustainable. We leverage advanced data analytics and AI to transform fleet performance and operations, reducing cost and driving efficiency. Backed by top data scientists and engineers, we serve approximately 100,000 global customers, processing 100 billion data points daily from more than 5 million vehicle subscriptions. Geotab is trusted by Fortune 500 organisations, mid-sized fleets, and the largest public sector fleets in the world, including the US Federal government. Committed to data security and privacy, we hold FIPS 140-3 and FedRAMP authorisations. Our open platform, ecosystem of outstanding partners, and Geotab Marketplace deliver hundreds of fleet-ready third-party solutions. This year, we're celebrating 25 years of innovation. Learn more at www.geotab.com/au and follow us on LinkedIn.

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