AUSKEY End Date Set
AUSkey access will end at 11.59pm AEDT Friday 27 March. It is recommended all businesses move to using myGovID and RAM well ahead of this date to ensure no interruption to your business. The TPmyGovID page now includes ‘How to move from AUSkey – complete steps’ for step by step instructions to assist you.
Overdue taxable payments annual reports
In February the ATO will be contacting businesses in the building and construction industry about their overdue Taxable payments annual reports (TPAR). Please make sure you check to see that all your lodgements are up to date.
Fuel tax credit rates – business
Fuel tax credits provide businesses with a credit for the fuel tax (excise or customs duty) that’s included in the price of fuel used in:
- machinery
- plant
- equipment
- heavy vehicles
- light vehicles travelling off public roads or on private roads.
The amount depends on when you acquire the fuel, what fuel you use and the activity you use it in. Fuel tax credits rates also change regularly so it’s important to check the rates each time you do your business activity statement (BAS).
Some fuels and activities are not eligible including fuel you use in light vehicles of 4.5 tonnes gross vehicle mass (GVM) or less, travelling on public roads.
The ATO has developed some useful tools to help businesses work out which of your business activities are eligible and what rates apply, and a calculator to help work out the claim. Our ATO app includes this calculator. We have also introduced simplified ways to work out your fuel tax credit claims.
Fuel tax credit rates change regularly. They are indexed twice a year, in February and August, in line with the consumer price index (CPI).
Rates may also change in July for fuel used in a heavy vehicle for travelling on public roads. This is due to changes to the road user charge, which is reviewed annually. In July, rates also change due to an annual increase in excise duty rates on biofuels.
Current fuel tax credit rates
- From 1 July 2019 to 30 June 2020 (includes rates from 5 August 2019 and 3 February 2020)
If you claim less than $10,000 in fuel tax credits in a year, there are simpler ways to record and calculate your claim.
Click on the link below for more information.
https://www.ato.gov.au/Business/Fuel-schemes/Fuel-tax-credits—business/
Source: ATO Tax Professional Newsletter, Issue 4, 6th February 2020.
