Build your financial security with OBT Financial Group – Lockyer Valley’s Business of the Year 2015 and specialist financial advisers to individuals, business owners and farming families on accounting, tax, business advice and wealth planning for over 30 years.Summary of changes
From 1 July 2014 – Carbon tax repeal
The carbon charge has been removed from the fuel tax credit rates for fuel acquired from 1 July 2014.
For fuel you acquire for your business, you can:
- claim more for many off-road activities
- no longer claim fuel tax credits for non-transport gaseous fuels used in agriculture, fishing and forestry activities.
You can now also claim more for transport gaseous fuels.
From 10 November 2014 – Fuel excise indexation
Fuel tax credit rates increased for fuel acquired from 10 November 2014. Rates will be indexed on 1 February and 1 August each year in line with the consumer price index.
Now that fuel tax credit rates are changing regularly, it’s important to keep good records to support your claim.
Go to ATO’s rates table to see how these rates have changed.
Correcting your November BAS
If you claimed fuel tax credits in your November BAS but didn’t use the higher rate for fuel acquired from 10 November, you are entitled to more fuel tax credits. Refer to ATO’s Fuel tax credits – making adjustments and correcting errors
Work it out
When working out your fuel tax credits, including fuel used in heavy vehicles, use the rate in effect when you acquired the fuel.
Check the rates online each time you do your business activity statement or contact OBT’s friendly team in Gatton on 5462 2277 to help you get your claim right.
Source ATO
