The Australian Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates.
During this 6 months period, businesses using fuel in heavy vehicles for travelling on public roads won't be able to
claim fuel tax credits for fuel used for this purpose. This is because the road user charge exceeds the excise duty payable, and this
reduces the fuel tax credit rate to nil.
You can find the ATO’s updated fuel tax credit rates that apply for the period from 30 March 2022 to 30 June 2022 here.
The ATO’s
fuel tax credit calculator
has been updated to apply the current rates.
LIVE EVENT
3rd May 2024
Welcome to Mornington Peninsula's original pop-up pre-loved market with a difference. Fashion For A Cause is a not-for-profit
fundraiser event. Grab a fashion bargain or unique piece, wine with friends, bid on silent auction items, all to raise funds for Clothes
4U.Inc. All proceeds from the event including stall sales, ticket sales and clothing purchases on the night will be
double-dollar-matched and donated to Clothes 4U Inc.
Low-interest rate loans used by dealerships are a good way to get buyers in the door – but if you’re not careful, you may end up overpaying in the long term.
Running a business is not just about crunching numbers and meeting targets; it's also about fostering a strong team dynamic and creating a shared vision. That's why I recently organized a 2-day corporate retreat for the entire SMART team at Phillip Island, and it turned out to be an unforgettable experience.
A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.