Fringe Benefits Tax
FBT is a tax paid on business vehicles made available for private use
There are two ways to calculate FBT –
| METHOD | HOW | MOTIVATION |
|---|---|---|
| Statutory Fraction | Estimate using a standard formula | Easy to Do |
| Operating Cost | Actual vehicle costs and business / private Use provided via 12 week log-book | Cost Savings More Accurate |
How can Navman Wireless Help?
The ‘Operating cost method requires accurate costs and records as follows –
- Fuel Consumption
- Maintenance and Repairs
- Operating Lease Finance
- Rego and CTP
- Business/Private use percentage
Navman Wireless can provide accurate reports to to reflect this by providing accurate data via our Electronic Log Book (ELB), the Navman Wireless Fleet Tracking system ELB is the ONLY tracking system approved by the Australian Tax Office (ATO).
