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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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Fuel tax credit mistakes

Posted on Apr 16, 2018 by CFL Financial

Fuel tax credits are provided to businesses who acquire, manufacture, import or use fuel in part of running a business.

These credits can greatly benefit business owners but it is important to get the claim right. The ATO sees common mistakes made when calculating and claiming fuel tax credits, including:

Wrong calculations
A common error is to calculate fuel tax credits using the cost of the fuel rather than the quantity of fuel multiplied by the relevant rate. The correct formula is: quantity of eligible fuel x correct fuel tax credit rate = fuel tax credits.

Inaccurate records
You must keep accurate records of your fuel purchases and how the fuel is used in your business. If you claim less than $10,000 a year in fuel tax credits, you can use a range of documents to support your claims.

Using an incorrect rate
Fuel tax credit rates change every February. Check the rates before you lodge your BAS. The current rates for fuel acquired from 5 February 2018 to 30 June 2018 are as follows:

Eligible fuel type Unit Used in heavy vehicles for travelling on public roads All other business uses (including to power auxiliary equipment of a heavy vehicle)1
Liquid fuels, for example diesel or petrol cents per litre 15.1 40.9
Blended fuels: B5, B20, E10 cents per litre 15.1 40.9
Liquefied petroleum gas (LPG) (duty paid) cents per litre 0.0 13.3
Liquefied natural gas (LNG) or compressed natural gas (CNG) (duty paid) cents per kilogram 0.0 28.0
Blended fuel: E85 cents per litre 0.0 10.725
B100 cents per litre 0.0 2.7

Not checking the activity
A common mistake is to claim fuel tax credits using the ‘other business uses’ rate for heavy vehicles travelling on public roads. Rates differ depending on the activity they are used for.

Ineligible fuels
Claiming fuel used for private purposes, or for travelling on a public road in vehicles with a gross vehicle mass (GVM) of 4.5 tonne or less is a common error. If you are unsure if about the eligibility of your fuel type and usage, contact one of our accountants today.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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