Teletrac Navman’s Fuel Tax Credits (FTC) Manger is the first of its kind to implement an Australian Taxation Office (ATO) product ruling for businesses claiming fuel tax credits.
This means that fleet managers using the system no longer risk overclaiming fuel tax credits.
When claiming for fuel tax credits, businesses are entitled to claim the highest rate for fuel used other than for travel on a public road. This extends to fuel used in road construction and maintenance activities, even when on public roads. Traditionally this is notoriously difficult to calculate, resulting in many businesses under-claiming.
FTC Manager is a unique solution for businesses claiming fuel tax credits. Unlike other GPS-based FTC calculation systems, it operates exclusively using second-by-second high-definition GPS location data already installed in customer vehicles to accurately calculate off-road travel and auxiliary fuel use to maximise fuel tax rebates. This helps businesses claim a better return, to improve cashflow and re-invest the money back into the business.
The system provides industry leading accuracy by automatically classifying the entire Australian road network as either on- or off-road.
Developed in conjunction with PPM Tax Group and backed by the ATO’s new class ruling, reduces the risk of over-claiming, and providing a higher level of protection.
The ATO has recently increased its focus on FTC compliance as a result of significant over-claims made using other GPS systems and FTC advisors.
“The ATO’s decision will provide a greater level of accuracy around the process of claiming fuel tax credits, giving users more certainty that they’re not liable for overclaiming from the ATO, and Teletrac Navman will be the first and only telematics provider to implement the updated product,” said Peter Perich, director at PPM Tax Group.
Andrew Rossington, chief product officer at Teletrac Navman, added, “The product ruling will bring peace of mind for our clients, adding yet another element of differentiation to an already unique solution. We’re thrilled to be the first to introduce the new requirements into our FTC Manager solution.”
FTC Manager falls into Teletrac Navman’s TN360 suite of AI-enabled fleet management systems for a comprehensive all-in-one platform. To date, FTC Manager is one of the most comprehensive automated solutions currently available in the Australian market. This latest product ruling reduces liability risk and allows businesses across a range of industries including transport, construction, mining, gas, government and agriculture to fully maximise heavy vehicles Fuel Tax Credits on an ongoing basis.