February 2015 Newsletter 

In this edition:

Welcome

Super changes in 2015

Increase to fuel tax credit rates

Small business, big risks

Interest rate forecasts for 2015

Increase to fuel tax credit rates

Effective 2 February 2015

With the 2015 financial year well under way and the lodgement deadline for December 2014 quarter BAS fast approaching we would like to make businesses aware of the changes to the fuel tax credit regime.

Fuel tax credit rates have increased for eligible fuel acquired from 2 February 2015, due to a rise in the consumer price index (CPI). Rates are indexed twice a year in line with the CPI - generally on 1 February and 1 August.

The changes to the rates apply to fuel purchases acquired from 1 July 2014, with additional changes to rates occurring on 10 November 2014 and 2 February 2015.

These changes are summarised in the below table:

It is important to use the correct rate when claiming the fuel tax credit entitlement. When claiming fuel tax credits, you must use the rate in effect on the date the fuel was acquired. This may not be the rate in effect when you use the fuel or claim your fuel tax credits on your business activity statement (BAS).

If you have already lodged your December 2014 quarter BAS or monthly BAS's and you have used the incorrect rates you may be entitled to additional credits. You can claim the extra fuel tax credits in the next BAS.

Alternatively contact our office if you have any queries or require any assistance.