Fleetcare Launches FBT Tax Reporting App : Logit
With Australians racking up over 227 billion kilometres on the road each year, life for the hundreds of thousands of Australian drivers of company cars just got easier with the launch of Fleetcare’s new ‘Logit’ - the first free, fully ATO compliant app which uniquely allows them to record and then submit fringe benefit tax* (FBT) information directly to the ATO. The new eagerly-awaited app alleviates the need for stressed drivers to collect paper scraps detailing their company road trips, which must then be laboriously entered into a large log book.
Logit records trips using an owner’s Smartphone’s GPS functionality, logs all relevant data, and publishes a log book and travel expense report in ATO compliant format at the end of each 12 week period. Guidelines are built into the app so users can be sure of not making any non-compliant errors for more accurate tax reporting. Conceived by Fleetcare, Australia’s leading fleet management company, the easy-to-use app may be downloaded free from The App Store and Google Play.
“Logit will change the way drivers record and manage their company data,” says Nigel Malcolm, CEO of Fleetcare. “Many still have glove-boxes overflowing with scribbled trip details. Now it’s as simple as clicking start trip-end trip on their Smartphone and it’s all done for them. ATO guidelines are built into the app, so the stress of remembering and recording their company trips is gone, along with the enormous margin for error, making the dreaded FBT deadline a no-brainer!”
With Australia recently revealed as the world’s second highest Smartphone penetration, storing data electronically and intuitively, is the optimal solution. Other Logit features include recording of journey dates, odometer readings, kms travelled and journey purpose with intuitive recall requiring minimal re-entry; viewing and editing past trips; and the ability to add multiple vehicles and manage more than one log book. Logit also helps to reduce greenhouse gas emissions by keeping factual records.
Logit will immediately be offered to over 30,000 drivers within Fleetcare’s fleet customer base. Fleetcare ( www.fleetcare.com.au ) is an industry leader in innovation, and mobile has been a prime focus point for the company in 2012. In April, the company made news with the launch of their industry-pioneering mobile website (novatedlease.mobi) which allows car buyers to calculate novated leases instantly on their mobiles.
**Fringe benefits tax (FBT) is payable on certain benefits employers provide to their employees.
The 2011-12 Budget included substantial changes to the calculation of FBT payable on car fringe benefits, under the Statutory Formula Method. However, no changes were made to the Operating Cost method. The Operating Cost method requires calculating the private component of the operating costs of running the car (e.g. lease payments, servicing, fuel, registration, insurance, etc). A log book must be maintained to substantiate the business versus private use of the car. Where car log books are used, tax office research shows that many log books do not provide sufficient information on the use of the car.