MiX Telematics launches new, Australian Taxation Office-approved solution to simplify Fringe Benefits Tax claims
Perth, Australia – 01 March 2021 – MiX Telematics – a leading, global SaaS provider of connected fleet management solutions today announced that it has launched a new, Australian Taxation Office-approved Fringe Benefit Tax (FBT) solution in Australia.
This new FBT module provides drivers with the ability to easily classify completed trips as business or personal on-the-go and forms part of the existing MyMiX app. FBT aims to save drivers and fleet operators valuable time as all trips are recorded with MiX on-board tracking devices, ensuring accurate and comprehensive logbook reports.
“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 24th) 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 Fringe Benefits Tax Assessment Act 1986 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.
More information about FBT:
To learn more about the solution from MiX Telematics visit here.