Changes to Fuel Tax Credits
The Australian Taxation Office (ATO) has increased the Fuel Tax Credit Rates from 10 November 2014. Further these rates will now be indexed on 1 February and 1August each year in line with the Consumer Price Index.
So, if you claim the credit you need to make sure you are using the correct rates.
If you happen to do your BAS monthly and have already done November’s don’t panic – you can still make an adjustment. If you are not sure how to do this speak to us and we will guide you in how to make the adjustment.
If you are not claiming the credits but you use machinery, plant, equipment or heavy vehicles in your business you may be eligible for the Fuel Tax Credit. How do you know if you maybe eligible – well the starting point is determining which fuels are eligible.
Eligible fuels include petrol, diesel, kerosene, mineral turpentine, white spirit, toluene, heating oil and most solvents.
Fuels which are not eligible include aviation fuel, fuel used in light vehicles of 4.5 tonnes gross vehicle mass or less which travel on public roads, fuel that you have purchased but has been stolen, lost or otherwise disposed of and lastly some alternative fuels which have already received a grant or subsidy.
So how do I go about making a claim?
The first thing you need to do is to be registered for both GST and Fuel Tax Credits. Once you are properly registered the Fuel Tax Credit will appear on your BAS.
Please note the Fuel Tax Credits are part of your business income and therefore needs to be included on your tax return.
In addition, should you be using a heavy diesel vehicle manufactured before 1 January 1996 you may also meet some environmental criteria as well.
Like everything in business, you should seek professional advice for your particular circumstances. If you are interested to find out more and discuss if this applies to you, call us today – we can –help (3264 4783).
Balanix Solutions – Taxation | Accounting | Business Advice.
Situated in Strathpine on Brisbane North, we partner with our clients to assist them in their accounting, business management and bookkeeping needs. Our clients vary in industries from professional services (such as law, vet and dentist) to the trades (mechanic, bricklaying, plasterer etc), hospitality and retail. Are clients are located in the Pine Rivers area (including Brendale, Lawnton, Albany Creek and Eatons Hill) through to Kallangur, Petrie, North Lakes and Caboolture, as well as Brisbane South, the Gold Coast and various other parts of Queensland.
Call us today … we can help (07 3264 4783)