In many countries, but particularly in Australia, claiming tax rebates allows companies to mitigate the cost of utilising non road-bound vehicles and machinery. Governments offer these companies (predominantly in mining and transport) tax credits for the fuel they use, since many of these vehicles don’t actually traverse traditional roads, such as in the case of mining vehicles, machinery, and equipment.
However, identifying fuel usage and claiming it is difficult, and often has to be merely predicted, which places companies at risk of unintentional fraud as well as money loss. There’s a way to solve this, and it’s not through overturning your entire processes.
Tracking fuel usage for more accurate tax credit claims
Multiple platforms manage fuel usage, yet many of them lack the ability to provide clear, concise and traceable data. A myriad of new technologies can do this, including artificial intelligence, blockchain and automation. So, why aren’t we using them?
It’s easy to consider fuel fraud, loss and inaccurate reporting as something that just happens. It’s a matter of business, and ultimately unavoidable. It’s also easy to see where this comes from: for companies, such as mining and fleet companies, who consume a lot of fuel, some fuel loss will always happen.
The goal is not to dispel fuel loss altogether. It’s to greatly mitigate it, while also making sure that you know where that fuel is going – and that there’s a reasonable explanation for the loss. It’s also to allow companies to, without question, know exactly how much fuel is being used. This will ensure that their fuel credits are accurate, and that they are accessing all that they are entitled to.
How can we do this?
Blockhead is leading the way with our blockchain-enabled fuel tracking platform, STAMP Fuel. STAMP Fuel integrates with pre-existing fuel processes to display your data to you in an easily consumable manner, graphically through a dashboard. The platform also identifies anomalies in fuel usage and displays them to you, allowing you to track them to their source.
Because all data is related to a cost centre, you can link consumption to a certain user, vehicle, bowser or ID card, enabling you to determine the source of any anomalous fuel usage. This is ideal in situations of fuel fraud. By detecting anomalies and displaying fuel usage accurately, STAMP Fuel allows you to deal with ongoing issues and in turn save your company money, time and exhaustive manual processes.
It will also ensure that your company is obtaining the fuel tax credits that it is entitled to, through accurate fuel usage reporting.
There are a myriad of movements we can make to improve our fuel usage and ensure maximum efficiency and profitability. Click here to find out how STAMP Fuel can help you.