Teletrac Navman and PPM Tax Group’s Fuel Tax Credit (FTC) Manager the first to receive ATO Product Ruling to protect fleet managers from overclaiming fuel tax credits
Teletrac Navman’s FTC Manager solution is the first of its kind to implement an Australian Taxation Office (ATO) product ruling for businesses claiming fuel tax credits (FTC).
Sydney, Australia, 5 May 2021: Fleet managers no longer risk overclaiming fuel tax credits with Teletrac Navman’s FTC Manager, the first and only solution awarded Australian Taxation Office (ATO) new product ruling, in Australia, developed in conjunction with PPM Tax Group.
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 business 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. Backed up by the ATO’s new class ruling, FTC Manager is the first in Australia to gain approval, reducing risk in over-claiming, and providing a far higher level of protection.
The ATO has recently increased focus on FTC compliance as a result of significant over-claims made using other GPS systems and FTC advisors.
Peter Perich, Director at PPM Tax Group, says “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.”
Andrew Rossington, Chief Product Officer at Teletrac Navman, says “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 solution available on the Australian market. This latest product ruling reduces liability risk and allows businesses across a range of industries including transport, construction, mining and gas, government and agriculture to fully maximise heavy vehicles Fuel Tax Credits on an ongoing basis.
About Teletrac Navman
Teletrac Navman is a leading software-as-a-service (SaaS) provider leveraging location-based technology and services for managing mobile assets. With specialised solutions that deliver greater visibility into real-time insights and analytics, Teletrac Navman helps companies make better business decisions that enhance productivity and profitability. Its fleet and asset management technology uncovers information that would otherwise go unseen, helping customers reduce risk and confidently move their business forward with certainty. It tracks and manages more than 550,000 vehicles and assets for more than 40,000 companies around the world. The company is headquartered in Garden Grove, CA, with additional offices in the United States, United Kingdom, Australia, New Zealand and Mexico. For more information visit www.teletracnavman.com.au
About PPM Tax Group
PPM Tax Group is Australia’s premier boutique specialist tax practice offering a broad range of indirect tax services for corporate clients across a range of industry sectors. With more than 100 years’ combined experience working in indirect tax practices for “Big 4” accounting firms, law firms, State Revenue Offices, the Australian Taxation Office and for major State Government Owned Entities, our team brings with them a wealth of commercial experience across a wide range of industries, including mining & resources, government, transportation, agriculture and construction. Advising clients from sole traders to ASX-100 listed multi-national companies to other legal and accounting firms, PPM Tax Group has an unparalleled track record of delivering value in highly specialised areas. For more information visit www.taxandlegal.com.au