FBT Diaries and Logbooks Perth

Gradual shifts to Fringe Benefits Tax over the past few years have had severe cost implications for massive businesses and small enterprises alike. For companies with hundreds of fleet vehicles subjected to such tax, these sudden shifts may run your business into spending millions of dollars more. Speaking of which, several vehicles offered as part of the employment package have to adhere to FBT diaries and logbooks in Perth.

Besides, this can also be determined by keeping logbooks or utilising a calculation method known as a statutory fraction. If you’re not an enterprise, know that companies usually have a full-time staff member to access and accommodate logs for every hundred fleet vehicles. Earlier, many businesses depended on statutory fractions since it was a bit seamless. Moreover, there were three-quarters and four bands of vehicles. Those operating between 20,000 and 45,000 kilometres annually paid close to 11%. Furthermore, operators covering more than 40,000 kilometres paid an average of 7%.

Prior to these changes, a $35,000 vehicle that covered over 25,000 kilometres annually would be subjected to $11,000 in Fringe Benefits Taxes. However, the good news is that FBT diaries and logbooks in Perth shouldn’t be a nightmare. Utilising a logbook, approved by the Australian Taxation Office, it is relatively seamless to acquire the data you need for accurate claims.