Fuel Tax Credit Rates Have Increased

Fuel tax credit rates increased on 1 August, so don’t forget to use the new rates to calculate your claims on your next business activity statement (BAS).

Simplify your fuel tax credit claims

If you claim less than $10,000 in fuel tax credits each year, you can use our simplified methods to keep records and calculate your claims.

Make sure you keep accurate business records to help you claim all the fuel tax credits you are entitled to.

You can always use our fuel tax credit calculator to work out your claim.

Remember, registered tax agents and BAS agents can help you with your tax.

We can help you with your Business Activity Statement submissions to the Australian Taxation Office so contact us today!

$20k Business Tax Instant Asset Write-Off Extended

The ATO has just announced that the $20,000 threshold has been extended to 30 June 2019.

If you buy an asset and it costs less than $20,000, you can write off the business portion in your tax return for the relevant income year.

You are eligible to use simplified depreciation rules and claim an immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:

  • you had a turnover less than $10 million (increased from $2 million on 1 July 2016), and
  • the asset was first used or installed ready for use in the income year you are claiming it in.

Assets that cost $20,000 or more can’t be immediately deducted. They will continue to be deducted over time using the general small business pool. You write off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.

The $20,000 threshold applies from 12 May 2015 to 30 June 2019 and reduces to $1,000 on 1 July 2019.

Remember, Access Tax and Accounting in Bankstown can help you with your business tax! so call us today!