Fuel Tax Credits (FTC) are the least claimed tax credit in our tax system.
Fuel tax in Australia is added at the pump. So fuel tax added to the price of fuel – including an excise or customs duty – is eligible for a refund if it’s used in machinery, plant and equipment, heavy vehicles, and light vehicles while travelling off public roads or on private roads if you meet certain criteria.
However, the claims process can be complex, time-consuming, and prone to inaccuracy, meaning you could be leaving a considerable amount of money on the table, or the exact opposite, overclaiming and leaving your business at risk.
A good fuel tax credit claim relies on accurate on and off-road apportioned use of vehicles. Without technology, this is next to impossible and relies heavily on guesstimations. By automating your fuel tax requirement with telematics, you can reduce administrative costs and tax risks, leading to a more accurate FTC return while saving you dollars in the long run.
Here are some ways Teletrac Navman’s FTC Manager solution can benefit your business today.
Minimise risk and ensure compliance
A significant recent increase in Australian Taxation Office (ATO) audit activity has many in the industry scrambling for receipts. Adding to the stress, FTC rates change regularly so it’s critical you check and apply the correct rate.
With this in mind, the role of technology in capturing fuel consumption and record-keeping cannot be underestimated.
As the only solution currently with an ATO Product Ruling, FTC Manager’s claim methodology has been identified as fair and reasonable for record keeping. The automated solution is the simplest option to avoid being issued large over-claim assessments with penalties and interest while claiming the maximum you’re entitled to.
Gathering information from telematics installed in vehicles and equipment, it uses real-time, high-definition GPS location data to calculate off-road travel and auxiliary fuel use. So you can rely on actual data from each vehicle, not average percentages across your entire fleet.
There are no algorithms to connect the dots between timed satellite updates, just real-time waypoints.
More money for your bottom line
With increasing cost of living pressures, driver shortages, and record-breaking interest rate rises many Australian operators are struggling to stay afloat.
Regardless of your current situation, the opportunity to retain some, or even all, of the money you spend on fuel tax is a great advantage. Using FTC manager, you’ll also have the capability to complete a four-year retrospective fuel tax refund review, even if you’ve claimed.
The bottom line? You’ll make back the money you invest in the tech in no time, and it’ll save your business money for years to come.
Ange Marlow, Administration Manager at bulk transport business Porthaul, reported “Before implementing Teletrac Navman’s FTC Manager, we weren’t tracking or claiming off-road use at all, it was too hard. We weren’t even aware a rebate was a possibility”.
With the support of Teletrac Navman partner PPM Tax and Legal, Porthaul started with a four-retrospective review of its FTC claims, going back to 2014. It received a six-figure refund in fuel tax rebates that had previously gone unclaimed. James Williamson, Operations Manager at Porthaul said “Managing fuel tax is an integral part of our business, so it only made sense to implement a solution that makes it so much easier”.
Simple and accurate, FTC Manager helps your business or organisation reduce admin time and improve processes by enabling streamlined claim preparation. You can take FTC claims out of the “too hard basket” with automated claim calculations and easy-to-use online reporting.
For increased simplicity, you can even outsource the entire process, letting PPM Tax & Legal experts take care of everything.
Looking beyond claims, you’ll also gain full visibility into your fleet’s fuel usage, so you can make better business decisions based on real-time data. You’ll know where your vehicles are, where they’ve been and how they’re being driven, giving you actionable insights.
An accurate Fuel Tax Credit solution
Whether you’re travelling in areas off the public road network or using fuel to power supporting equipment, you could be missing out on your full fuel tax entitlement.
Teletrac Navman’s FTC Manager is a game-changing FTC solution, automating an otherwise complex task. It’s entirely flexible, designed to be integrated into telematics systems, and is built to meet the needs of all businesses using fuel on Australian roads – you won’t miss out on the rebate you’re entitled to, and you’ll make claiming a breeze.
Need extra support? Our dedicated support team provides around-the-clock online training and will be there to help throughout the process. After all, our solution is the first of its kind using GPS tracking to improve your fuel tax credit claims for all assets that use fuel via ATO class and product rulings