Logbooks & FBT: The benefits of electronic logbooks

Kirsten Brent | 18/03/2014 9:42:42 AM

In times when the economy is struggling and times are tough for many businesses, saving money by efficiently running your fleet becomes paramount. Reducing your Fringe Benefits Tax (FBT) liability by managing your logbooks correctly is one way to benefit your fleet and make accounting simpler. When looking at optimising your FBT, it is important to know what records and documentation you are required to keep by the ATO, and how you can compile and store this efficiently. One way to do this is...

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Changing Times - Logbooks and FBT

Michael Hunt and Rory Deegan | 7/09/2012 1:47:15 PM

2011 and 2012 were years of big change in the Australian tax landscape. The headlines were grabbed by new costs on carbon and proposals for mining profits taxes. While all this was happening a major shift also occurred in the area of FBT (Fringe Benefit Tax). In short the new situation will see the rates of FBT flattened to 20% across all kilometre ranges from 1 April 2014. What made the change remarkable was the fact that the previous system actually granted drivers lower rates as a res...

FBT (Fringe Benefit Tax) Changes Budget 2011

Rory Deegan - Online Marketing Coordinator | 17/05/2011 1:52:50 PM

This year’s budget change relating to Novated Lease FBT rates on company vehicles has been much talked about since the release of the budget information last week. On our blog this week we wanted to outline these changes for our readers whilst addressing the most common questions relating to the new system. The overhaul will, over a four year time frame, end the lower rates of FBT liability for those who drive in excess of 24,999 kilometres per year. The change to those over th...

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