Fuel tax credits changed on 3 February
Taxpayers could receive more savings for fuel they have acquired on and from this date.
Different rates apply based on the type of fuel, when it was acquired and what activity it is used for.
The ATO has the following tips for taxpayers to ensure they are claiming correctly.
- Use the ATO’s website eligibility tool to find out if you can claim fuel tax credits for fuel you have acquired and used
- Use the ATO’s online fuel tax credit calculator (which should automatically apply the right rate) to work out a claim
- Lodge BAS via Online services or a registered tax or BAS agent (lodging via an agent can allow extra time to lodge and pay).
ATO’s tips to help taxpayers stay on top of BAS
The ATO has the following tips to help taxpayers get their BAS right before they lodge:
- They should make sure they enter the figures for their obligations at the correct label, and only complete applicable fields
- If lodging online, or through a registered tax or BAS agent, they may be able to get an extra 2 or 4 weeks to lodge and pay
- If they have nothing to report for the period, they can lodge a ‘nil’ BAS online by selecting ‘Prepare’ and then ‘Prepare as nil’, or they can call the ATO’s automated service “any time of the day”
- If they made a mistake on their last BAS, instead of lodging a revision, they may be able to use their current BAS to fix it EG they can use label 1A to adjust GST on sales or label 1B to adjust GST on purchases
- They can also use their BAS to vary an instalment amount.
At Omnis, we understand that every client is unique. Whether you’re a business owner looking to scale or a financially sophisticated individual seeking tailored wealth strategies, our team is here to provide expert advice and proactive solutions.
Contact the Omnis Business Advisory team on 08 9380 3555.
