There has been increasing focus on fuel lost to fuel fraud, however fuel tax credits (or rebates) could be an even larger problem in companies. Mining and transport companies face massive amounts of fuel loss and often struggle to track it.
Fuel tax credits: why they’re important
Mining and transport companies can claim fuel tax credits when they are operating vehicles and machinery that are often not using regular roads. They therefore claim a rebate. The Minerals Council of Australia website ascertains that, “Fuel tax credits are not a subsidy for fuel use, but a mechanism to reduce or remove the incidence of excise or duty levied on the fuel used by business off road or in heavy on-road vehicles.”
These are ultimately designed to save the company unnecessary costs and to reduce company burden. The problem is that there simply isn’t the software to reliably track and analyse fuel data. Therefore, even if companies have access to lots of data, they often do not have the tools to decipher it.
As such, any contribution to a fuel tax rebate will be an estimate – and this could lose companies thousands, if not millions, of dollars.
How can we solve the problem?
The ‘fuel tax’ problem is ultimately a data problem. It demands optimised accuracy. Not only does it pose the problem of potential money loss, it also ensures that companies can deliver correct and accurate audits.
Using tracking software allows us to consolidate all of our data in one place. STAMP Fuel can do this for you and, in turn, analyse your data and provide you with forecasted predictions.
STAMP Fuel works well for tax credits because it’s traceable, backed by blockchain, and easy to integrate. The platform allows auditors to easily access and view your data, saving you money, effort and time wasted.