Hard as it is to believe, another 12 months has almost passed and the Fringe Benefits Tax (FBT) Year will be coming to an end soon (31 March).
We’re here to help you get your end-of-year reporting done smoothly, so that it’s on-time and correct – all while keeping your costs to a minimum. Whether you’re using Smartfleet’s outsourced service or our in-house software solution, we provide you with what you need to best manage your FBT.
Take advantage of our detailed reporting
When you log into our portal, you can access a comprehensive breakdown of all the critical information that could affect your FBT costs at year-end.
You’ll be able to see all your vehicle odometer readings and running costs (including fuel, servicing and maintenance, and all other relevant expenses). You can also record any employee contributions made throughout the year and check that they’re up to date.
It’s then time for us to make a comparison: which FBT option suits you best?
For each vehicle in your fleet, you have two ways to calculate the amount of FBT you owe for the year. There’s the statutory formula method (based on a percentage of the vehicle’s base cost) and the operating cost method (based on the amount of business and private use of the vehicle and its total running costs for the year).
The method that’s most cost-effective will depend on the specific circumstances of each individual vehicle. Using our comprehensive reporting from the year, you’re able to work out and compare how much each method is likely to cost for each vehicle.
Our system then automatically applies the method that provides you with the lower FBT cost.
Make sure you’ve ticked all the boxes
Even though we give you the right tools and reporting, that’s not all that goes into a successful FBT year-end.
It’s important for you to check in and complete all necessary steps in your end-of-year process including making sure that all the information you’ve provided to our fleet management system is both correct and current.
And if you have any logbook requirements for the current year, it’s vital that you finalise them with plenty of time to spare. Nailing down your logbooks and providing accurate records of driver movements is crucial to avoid potential administrative issues down the road.
And there you have it. Our tracking and reporting, combined with your accurate record-keeping, will hold you in good stead for another successful FBT year-end.
Need help?
If you need any assistance with your FBT end-of-year reporting, please don’t hesitate to get in touch with your Smartfleet Client Relationship Manager. We’re always happy to help you out.