In this edition:
From 1 July and further changes from 1 August 2015
With the 2016 financial year well under way we would like to make businesses aware of the changes to the fuel tax credit regime.
Fuel tax credits have changed from 1 July 2015 for transport gaseous fuels used in off-road activities, including gaseous fuel used in auxiliary equipment of a heavy vehicle. There was no change to the rate for heavy vehicles travelling on public roads. The ATO have increased the rates from 1 August 2015 in line with CPI.
With the changes to the rates it is important to use the correct rate when claiming the fuel tax credit entitlement. The fuel tax credit rate in effect on the date the fuel was acquired must be used in claiming fuel tax credits. 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).
For more information on the changes to fuel tax credit rates and to view all rates, see Fuel tax credits and eligible fuels page on the Australian Tax Office website.
Alternatively contact us at Goodwin Chivas & Co if you have any queries or require any assistance.
Suite 401 29-31 Solent Circuit
Norwest Business Park
Baulkham Hills, NSW 2153 Australia
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P:
(02) 9899 3044
F: (02) 9899 1524
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