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Vehicle FBT Reporting. Electronic Log Books. Navman Wireless Electronic Log Books. Background Working Example Where Navman Wireless come in Return on Investment. Background. FBT is a tax paid on all work vehicles that are also made available for PRIVATE use

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vehicle fbt reporting

Vehicle FBT Reporting

Electronic Log Books

slide2
Navman Wireless Electronic Log Books

Background

Working Example

Where Navman Wireless come in

Return on Investment

Confidential | 2

background
Background
  • FBT is a tax paid on all work vehicles that are also made available for PRIVATE use
  • There are 2 methods to calculate your FBT liability each year:
  • The Henry Report in 2011 legislated that Statutory Fraction will now be 20% across all distances and applicable vehicle classes. This is a 3-fold increase in FBT liability for vehicles doing more than 40,000Km a year
  • Statutory fraction is now increasing the tax burden on businesses and affecting the bottom line
which method to use
Which method to use?
  • Already using Statutory Fraction?
    • Tax savings if move to Operating Cost
    • Achievable by using Navman Wireless automated log books
    • Introduce visibility of fleet utilisation and operating costs of your fleet
  • Already using Operating Cost?
    • Reduce back-office administration costs through automation
    • Eliminate hassle and negativity of paper log books
    • Increase visibility of fleet utilisation and operating costs of your fleet
    • Accuracy across 365 days allows you to identify the 3 months of the year that best reflect your true private use
working example
Working Example

Maintenance and Repairs

$1000

  • $35,000 vehicle with the following typical running costs

Petrol

$3,276

9L fuel per 100km. Fuel = $1.40/L

Insurance

$750

Distance

26,000km

Rego

$750

Confidential | 5

working example statutory fraction
Working Example : Statutory Fraction

Simple method which applies a fixed % to the taxable value of a car

1– Days available is Days in FBT Year divided by Days available for private use – typically 365 days unless car stays on site every day

FBT Paid = Taxable Value * 2.0647 * 46.5%

Taxable Value

Confidential | 6

working example operating cost
Working Example : Operating Cost

This method takes into account all the costs of operating the vehicle for each tax year e.g. fuel, lease cost, maintenance, rego etc. It then applies a true private use % to the value of the vehicle derived from log-books over a continuous 12 week period. Assumes privateKMs are 10%.

FBT Paid = Taxable Value * 2.0647 * 46.5%Lease Finance costs not included in above Operating costs

Taxable Value

Confidential | 7

where navman wireless come in
Where Navman Wireless come in
  • Automates paper-less log-book collection

Confidential | 8

where navman wireless come in1
Where Navman Wireless come in
  • Make Operating cost model achievable for large company fleets
  • Allows businesses to monitor and control PRIVATE use and limit their FBT exposure

Confidential | 9

return on investment
Return on Investment
  • Potential tax savingmoving to Operating costmodel
  • Reduce cost if on Operating cost model

Confidential | 10