As a business owner, every dollar counts. That's why it's essential to take advantage of all available tax credits, including fuel tax credits. These credits can significantly reduce your operating costs, especially if your business relies heavily on fuel.
To make the most of these savings, the Australian Tax Office (ATO) offers two key tools: the Eligibility Tool and the Fuel Tax Credit Calculator. These resources are designed to help you easily determine if you qualify for fuel tax credits and calculate the amount you can claim.
1. Eligibility Tool: Before diving into the numbers, it's crucial to know if you're eligible for fuel tax credits. The Eligibility Tool is user-friendly and provides a step-by-step guide to determine your eligibility. Whether you use fuel in heavy vehicles, machinery, or equipment, this tool ensures you won't miss out on potential savings.
2. Fuel Tax Credit Calculator: Once you've confirmed your eligibility, the next step is to calculate your fuel tax credit. The Fuel Tax Credit Calculator simplifies this process, allowing you to accurately determine the amount to report on your Business Activity Statement (BAS). It even accounts for adjustments from previous BAS periods, ensuring you claim the maximum credits available.
Why It Matters: From 30 March 2022 to 28 September 2022, the fuel tax credit rate for heavy vehicles on public roads was temporarily reduced to zero. However, this reduction did not apply to fuel used for powering auxiliary equipment in heavy vehicles. The Calculator helps you navigate these complexities, so you can accurately claim what you’re entitled to.
Get Help When You Need It: The ATO tools come with built-in help features. If you encounter any difficulties or have questions, simply click on the Help '?' button for guidance. The tools are designed to be intuitive, but support is readily available to ensure a smooth experience.
Take Action: Maximising your fuel tax credits is a smart way to reduce business expenses and improve your bottom line. If you're unsure about how to use these tools or need personalised advice, our financial planning services are here to help. We specialise in helping businesses like yours navigate tax credits and other financial opportunities, ensuring you keep more of what you earn.
Conclusion: Don't leave money on the table. Leverage the ATO's fuel tax credit tools today to ensure you're getting the full benefit of the credits available to your business. If you need assistance, contact us to learn how we can support your financial goals.
Contact us at 02 8318 1545 or schedule a consultation in our live calendar and start maximising your fuel tax credits today!
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