FBT Logbook Crackdown
The ATO is putting more scrutiny on correctly logging Fringe Benefit Tax, so it’s more important than ever to get an FBT logbook for your work vehicle (and actually use it, for at least 12 weeks).
We have had requests to product client FBT logbooks at Aintree Group before. So this is something the ATO is definitely following up on, and you should be on top of it!
If you find paper logbooks to be less than practical, there are a range of apps available on iTunes and Google Play where you can log your travel using GPS data, or manual entry. Most apps will then send a report to either yourself, or your accountant via email.
The ATO accepts logbooks from apps provided they can be accessed at any time and are recorded in English.
Your obligations if you provide fringe benefits:
- Calculate how much FBT you have to pay.
Employers must self-assess and calculate how much FBT they must pay each FBT year.
- Keep the necessary FBT records.
The FBT law requires employers to keep certain records relating to the fringe benefits they provide.
- Register for FBT.
We recommend employers register once they establish that they must pay FBT.
- Report fringe benefits on employee payment summaries.
Employers must report certain fringe benefits on employees’ payment summaries.
- Lodge an FBT return and pay FBT to the Tax Office.
A return covering the FBT year, which runs from 1 April to the following 31 March should be lodged by 21 May each year.
The ATO has plenty of guidelines on FBT obligations on their website. But we recommend you chat to your accountant for individual advice so you know you’re compliant.
LogBook Apps that can help:
Driversnote Mileage Logbook
Tracks your trips, and makes the proper documentation for your mileage claim. The Driversnote App is for employees, employers as well as self-employed, and can be used to document the mileage of both private and business trips.
Trip Tracker Mileage Logbook
TripTracker is automatically written by using GPS, Bluetooth-Detection, reverse Geocoding or OBDII data. In addition, you can also manage vehicle costs to keep an overview.
TripTracker has a synchronization mechanism that allows you to collect and edit your mileage logbook across multiple devices. There is also a web interface which allows you to analyze your data on a PC or Mac.
Expensify (compatible with Xero – for beyond vehicle FBT).
Real-time expense reporting integrated with Xero, available in Xero HQ for accountants and bookkeepers.
Fringe Benefit Car Calculator:
Fringe Benefit Car Calculator for employees.
Read more on FBT:
Want to speak to a tax specialist about your FBT obligations? Contact us!