Latest Fuel Tax Credit Rates for Businesses: July 2023 – June 2024 Update

Latest Fuel Tax Credit Rates for Businesses: July 2023 – June 2024 Update

Latest Fuel Tax Credit Rates for Businesses: July 2023 – June 2024 Update

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As a business owner or manager, keeping up with the latest fuel tax credit rates is essential for accurate financial planning and compliance. The Australian Taxation Office (ATO) has released the updated fuel tax credit rates effective from 1 July 2023 to 30 June 2024. Here’s a concise overview of the rates and how they can affect your business.

Latest Rates (Effective from 5 February 2024 to 30 June 2024)

Fuel Type Used in Heavy Vehicles on Public Roads All Other Business Uses
Liquid Fuels (e.g., Diesel, Petrol) 20.8 cents per litre 49.6 cents per litre
Blended Fuels (B5, B20, E10) 20.8 cents per litre 49.6 cents per litre
Blended Fuel (E85) 0 cents per litre 21.295 cents per litre
LPG (Duty Paid) 0 cents per litre 16.2 cents per litre
LNG/CNG (Duty Paid) 0 cents per litre 34.0 cents per kilogram
B100 0 cents per litre 13.2 cents per litre

Rates for Fuel Acquired from 1 August 2023 to 4 February 2024

Fuel Type Used in Heavy Vehicles on Public Roads All Other Business Uses
Liquid Fuels (e.g., Diesel, Petrol) 20.0 cents per litre 48.8 cents per litre
Blended Fuels (B5, B20, E10) 20.0 cents per litre 48.8 cents per litre
Blended Fuel (E85) 0 cents per litre 20.92 cents per litre
LPG (Duty Paid) 0 cents per litre 15.9 cents per litre
LNG/CNG (Duty Paid) 0 cents per litre 33.4 cents per kilogram
B100 0 cents per litre 13.0 cents per litre

Initial Rates (1 July 2023 to 31 July 2023)

Fuel Type Used in Heavy Vehicles on Public Roads All Other Business Uses
Liquid Fuels (e.g., Diesel, Petrol) 18.9 cents per litre 47.7 cents per litre
Blended Fuels (B5, B20, E10) 18.9 cents per litre 47.7 cents per litre
Blended Fuel (E85) 0 cents per litre 20.415 cents per litre
LPG (Duty Paid) 0 cents per litre 15.6 cents per litre
LNG/CNG (Duty Paid) 0 cents per litre 32.7 cents per kilogram
B100 0 cents per litre 12.7 cents per litre

Important Notes

  • Note 1: From 1 November 2019, the rate for heavy vehicles includes fuel used to power passenger air-conditioning in buses and coaches.
  • Note 2: The ‘all other business uses’ rate applies to claims for packaging or supplying fuel for the corresponding fuel type.
  • Note 3: Changes in the heavy vehicle road user charge affect the fuel tax credit rates for fuel used in heavy vehicles on public roads.
  • Note 4: The road user charge for gaseous fuels currently reduces fuel tax credits for these fuels to nil due to scheduled increases in the charge rate.

How to Use the Rates

To claim your fuel tax credits accurately, use the rate applicable on the date you acquired the fuel. For convenience, utilize the ATO’s fuel tax credit calculator available online. This tool is updated with the latest rates, ensuring you report the correct amount on your Business Activity Statement (BAS).

Staying informed about the fuel tax credit rates helps your business recover some costs associated with fuel use. Ensure you apply the correct rates and consider using available tools for accurate reporting.

 For further information please visit the ATO website –

https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/incentives-and-concessions/fuel-schemes/fuel-tax-credits-business/rates-business/from-1-july-2023-to-30-june-2024

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Plus 1 Clients & TPAR (Taxable Payments Annual Report)

Plus 1 Clients & TPAR (Taxable Payments Annual Report)

Plus 1 Clients & TPAR (Taxable Payments Annual Report)

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Plus 1 Clients & TPAR (Taxable Payments Annual Report)

TPAR is an industry-specific reporting requirement for businesses who pay contractors for relevant services. Essentially, if you pay contractors, you need to report how much you’ve paid, and to whom. This is a relatively new requirement for businesses, but it relates to the increasing practice of businesses using contractors rather than employing full-time staff. It is required to be lodged every year by the 28th of August.

Which industries need to submit a TPAR?

Not every business needs to complete a TPAR each year, as it’s an industry-specific requirement. The types of businesses required to submit a TPAR include:

  • Courier services
  • Road freight services
  • Building and construction
  • IT services
  • Cleaning
  • Security, investigation and surveillance services

What are TPAR’s used for?

The ATO needs this information to assist with their data matching processes. When you report the payments you’ve made to contractors, the ATO can then check to ensure the contractor has declared the income on their tax return. It’s important because it helps the ATO find out if contractors are declaring all of their income, failing to lodge tax returns or quoting inaccurate ABN’s. They can also determine whether contractors should be registered for GST, if they’re not already.

What details need to be included in a TPAR report?

When getting your TPAR reporting ready, it’s important you have all the relevant details required by the ATO. Most of these details should appear on the tax invoice your contractor provides.

  • ABN
  • Name
  • Address
  • Total amount paid
  • GST paid (if applicable)

If your contractor doesn’t provide you with this information, you’re entitled to ask for a proper tax invoice that includes all of the necessary details.

Especially for 2023, we’ve seen an increase in the amount of work required to collate appropriate information for lodgement to the ATO. This has added to the time and cost required to meet compliance requirements. At Plus 1 we have created email instructions for Xero, Reckon & MYOB to guide you in organising the required data more effectively. If you haven’t already received this email please reach out to your accountant.

Need more help or information?

Click the link below to contact us at Plus 1.

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Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

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T: (03) 5833 3000
F: (03) 5831 2988
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Employment Law Changes – don’t get left behind

Employment Law Changes – don’t get left behind

Employment Law Changes – don’t get left behind

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Click on the titles of each paragraph to read the law on the Fair Work website-

Parental Leave
There has been significant movement in parental leave laws this year. The changes grant employees greater access to parental leave and greater flexibility. They also place a greater level of obligation on employers.  From the greater time period that applies for the Government’s personal parental leave scheme to the new flexible form of parental leave – the above link explains everything you need to know so you can rest assured you are meeting your obligations.

Flexible Work Arrangements
This section explains who is legally entitled to request flexible work arrangements, types of flexible work arrangements and how Employers now have greater obligations when it comes to considering and responding to requests for flexible work arrangements.

Family and Domestic Violence
This section explains the entitlements of employees who are affected by family and domestic violence, and laws with which you must comply if you have information of family and domestic violence. Your employees now have greater entitlements to family and domestic violence leave, and greater penalties now apply for breaching your obligations.

Need more help or information?

Click the link below to contact us at Plus 1.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

Contact Us

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Do you understand your obligations to provide staff with The Fair Work Statements?

Do you understand your obligations to provide staff with The Fair Work Statements?

Do you understand your obligations to provide staff with the Fair Work Statement?

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Fair Work Information Statement (FWIS).

The FWIS must be given to new employees either before their employment begins or as soon as practicable thereafter. An updated FWIS was released and must be used from 1 July 2023.

Casual Employment Information Statement (CEIS)

The Casual Employment Information Statement (CEIS) must be given to casual employees either before their employment begins or as soon as practically feasible thereafter. These employees should also receive a copy of the Fair Work Information Statement as well.

Fixed Term Contract Information Statement (FTCIS)

From 6 December 2023, employers entering into a contract of employment (fixed term) will need to give the employee a Fixed Term Contract Information Statement (FTCIS) before, or as soon as practicable after, the contract is entered into. A copy of this document is not yet available. The FTCIS must be given before, or as soon as practicable after, the contract is signed.

If you have not yet provided any of these documents to staff, you need to do so now to avoid potential penalties for non-compliance.

For more information on the Fair Work website and get your copies  CLICK HERE.

Need more help or information?

Click the link below to contact us at Plus 1.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

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T: (03) 5833 3000
F: (03) 5831 2988
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The Education Space – What is an Index

The Education Space – What is an Index

The Education Space – What is an Index

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With so much happening on the Exchange Traded Fund’s (ETF’s) scene the intention of this education space is to cover the MEANING OF AN INDEX. Especially as a lot of ETF type investments (listed on Stock Exchanges around the World) are intended to mirror or replicate an INDEX.

Firstly, indexes are really just a way of recording multiple type investments – shares/bonds/cash etc within an OVERALL INDEX so the result of the Total Portfolio is more easily seen rather than analysing perhaps hundreds of companies.

For instance if an index (of a host of shares – 5 or 10 or 100 or 5000 companies) started at say a calculated index of 1000 and then a year later that index rose to 1100 then the return would be 10% for that year.

The most famous or well-known index for the average Australian is the All Ordinaries Capital Index commonly referred to as the ALL ORDS. It is a measure of the capital growth performance of the overall share market of 500 companies in Australia. Basically in the Finance Section of the News most nights on TV.

Some of other of the more well-known indexes are:

  • Dow Jones Index – 30 of the biggest companies in the US
  • ASX200 Index – Top 200 companies in Australia
  • S & P 500 Index – Top 500 companies in the US
  • FTSE – UK companies
  • NASDAQ Index – Tech companies (essentially) in US
  • etc etc

Most indexes are CAPITAL RETURNS based but there are other types being ACCUMULATION INDEXES which measure income (concept of reinvested interest or dividends) and capital growth.

Please note that you can invest into the most popular indexes very easily these days by way of these ETF’s.

The attached CREATED INDEX (purely for illustration purposes) shows how just by creating an index value of 1000 at the start of the portfolio – see the bottom line – then you can easily analyse a TOTAL CAPITAL RETURN OF THE OVERALL PORTFOLIO as seen over a year from the index growth of initially 1000 to 1337 being a 3.92% annual return for the 11 year plus dividends (assumed taken in each instance) which would average approximately 3.00% to 4.00% per annum.

At Plus1 we are available at any time to discuss issues of this nature with due regard to your investments or financial planning generally.

Need more help or information?

Click the link below to contact us at Plus 1.

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Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

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T: (03) 5833 3000
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Rising Inflation Rates

Rising Inflation Rates

Rising inflation rates: An overview, impact and what to do

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Inflation, the gradual increase in the general price level of goods and services in an economy over time, is currently on the rise. This economic phenomenon, as simple as it seems, can have extensive effects on the broader economy, investors, and regular households.

The Cause of Rising Inflation

Inflation rates are currently surging, especially in economies like Australia, for several reasons. One key driver is the more robust-than-anticipated economic recovery following the COVID-19 pandemic. This resurgence has been powered in part by long-term emergency stimulus packages, such as JobKeeper payments and HomeBuilder grants, aimed at stimulating the economy.

For the past two decades, the prices of major items were primarily on a downward trend, largely due to the shift in manufacturing consumer durable goods to developing countries where overhead costs are lower. However, with lockdowns, an increased demand for items like home fitness equipment and computers emerged. As people spent more time at home, demand shocks were experienced, with governments pouring money into people’s pockets, which facilitated these purchases.

Compounding the issue, lockdowns also led to factory closures and supply shortages. Shipping costs soared by 400% due to the decommissioning of many ships, further exacerbating the situation. Political instability, like Russia’s invasion of Ukraine, has also escalated the prices of oil, gas, and several food items.

The Government’s Use of Interest Rates

To counter rising inflation, the government often employs a classic economic tool – interest rates. By raising interest rates, the cost of borrowing increases, which in turn lowers the overall demand for goods and services. This reduced demand can lead to a drop in prices, thus controlling inflation. Higher interest rates also incentivize savings, reducing the amount of money in circulation, which further helps to manage inflation levels.

The Investor Perspective: Good or Bad?

The impact of inflation on investors can be two-fold: it can be both good and bad. On the positive side, investments in certain assets like real estate or gold, often considered inflation hedges, can appreciate in value during inflationary periods. Stocks, too, can sometimes perform well, especially those companies able to pass increased costs onto consumers.

On the flip side, inflation can erode the value of money and the returns from fixed-income investments like bonds. As prices rise, the fixed interest payments from bonds become less valuable, negatively impacting bond investors. High inflation can also lead to increased interest rates, which can hurt stocks by increasing borrowing costs for companies and reducing consumer spending.

What Can You Do Now?

If you’re looking to protect your investments or capital against inflation, diversifying your portfolio can be a prudent move. Consider a mix of assets such as stocks, commodities, inflation-protected securities, and real estate.

Inflation is often a sign of a growing economy, but it’s essential to understand how it affects your financial position and investments. Staying informed, seeking professional advice, and being proactive in adjusting your investment strategy can help navigate periods of rising inflation effectively.

Contact us at Wealth Advisors and we can give you personalised and prudent advice for your investment needs in the coming markets. Inflation is still rising but with the government continuing to increase interest rates to combat this, now may be the time to start saving and start using that money to diversify your investment portfolio.

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Need more help or information?

Click the link below to contact us at Plus 1.

Open Hours

Monday to Friday
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Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

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27 Welsford Street
Shepparton, VIC 3630

T: (03) 5833 3000
F: (03) 5831 2988
Email Us