Latest Fuel Tax Credit Rates for Businesses: 05 August 2024 – 02 February 2025

Latest Fuel Tax Credit Rates for Businesses: 05 August 2024 – 02 February 2025

Latest Fuel Tax Credit Rates for Businesses: 05 August 2024 – 02 February 2025

Businessman analyzes profitability of working companies with digital augmented reality graphics, positive indicators in 2024, businessman calculates financial data for long-term investments.

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 5 August 2024 to 02 February 2025. Here’s a concise overview of the rates and how they can affect your business.

Latest Rates (Effective from 5 August 2024 to 02 February 2025)

Fuel Type Used in Heavy Vehicles on Public Roads All Other Business Uses
Liquid Fuels (e.g., Diesel, Petrol) 20.1 cents per litre (see note 3) 50.6 cents per litre
Blended Fuels (B5, B20, E10) 20.1 cents per litre (see note 3) 50.6 cents per litre
Blended Fuel (E85) 0 cents per litre 21.7 cents per litre
LPG (Duty Paid) 0 cents per litre 16.5 cents per litre
LNG/CNG (Duty Paid) 0 cents per litre (see note 4) 34.7 cents per kilogram
B100 0 cents per litre 15.2 cents per litre

Note 1: From 1 November 2019, this rate includes fuel used to power passenger air-conditioning of buses and coaches.

Note 2: Claims for packaging or supplying fuel can use the ‘all other business uses’ rate for the appropriate eligible fuel type.

Note 3: Fuel tax credit rates change for liquid fuels used in a heavy vehicle for travelling on a public road due to changes in the road user charge, which increases by 6% each year over 3 years, from:

  • 28.8 cents per litre in 2023–24, to
  • 30.5 cents per litre in 2024–25, and to
  • 32.4 cents per litre in 2025–26.

Note 4: Fuel tax credit rates change for gaseous fuels due to changes in the road user charge, which increases by 6% each year over 3 years, from:

  • 38.5 cents per kilogram in 2023–24, to
  • 40.8 cents per kilogram in 2024–25, and to
  • 43.2 cents per kilogram in 2025–26.

Currently, the road user charge reduces fuel tax credits for gaseous fuels to nil.

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-2024-to-30-june-2025#Note3

 

 

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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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Shepparton, VIC 3630

T: (03) 5833 3000
F: (03) 5831 2988
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Latest Fuel Tax Credit Rates for Businesses: 05 August 2024 – 02 February 2025

Latest Fuel Tax Credit Rates for Businesses: 01 July 2024 – 04 August 2024 Update

Latest Fuel Tax Credit Rates for Businesses: July 2024 – 04 August 2025

Businessman analyzes profitability of working companies with digital augmented reality graphics, positive indicators in 2024, businessman calculates financial data for long-term investments.

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 2024 to 04 August 2024. Here’s a concise overview of the rates and how they can affect your business.

Latest Rates (Effective from 1 July 2024 to 04 August 2024)

Fuel Type Used in Heavy Vehicles on Public Roads All Other Business Uses
Liquid Fuels (e.g., Diesel, Petrol) 19.1 cents per litre 49.6 cents per litre
Blended Fuels (B5, B20, E10) 19.1 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 14.9 cents per litre

Note 1: From 1 November 2019, this rate includes fuel used to power passenger air-conditioning of buses and coaches.

Note 2: Claims for packaging or supplying fuel can use the ‘all other business uses’ rate for the appropriate eligible fuel type.

Note 3: Fuel tax credit rates change for liquid fuels used in a heavy vehicle for travelling on a public road due to changes in the road user charge, which increases by 6% each year over 3 years, from:

  • 28.8 cents per litre in 2023–24, to
  • 30.5 cents per litre in 2024–25, and to
  • 32.4 cents per litre in 2025–26.

Note 4: Fuel tax credit rates change for gaseous fuels due to changes in the road user charge, which increases by 6% each year over 3 years, from:

  • 38.5 cents per kilogram in 2023–24, to
  • 40.8 cents per kilogram in 2024–25, and to
  • 43.2 cents per kilogram in 2025–26.

Currently, the road user charge reduces fuel tax credits for gaseous fuels to nil.

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-2024-to-4-august-2024

 

 

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

27 Welsford Street
Shepparton, VIC 3630

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

Transport Sector Update 2024-2025

Transport Sector Update 2024-2025

Transport Sector Update 2024-2025

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Reasonable Travel Allowance Expense Claims Update for 2024-2025

The ATO has released Taxation Determinations for 2024-2025. You can view these rates on the ATO website here.

Reasonable travel allowance claims for employee truck drivers in 2024-2025 is:

  • $30.35 for Breakfast
  • $34.65 for Lunch
  • $59.75 for Dinner

Long Distance Driver Update

Road Transport (Long Distance Operations) updated rates for 2024-2025 as of first full pay period in July are:

Grade Minimum Weekly Pay Rate Minimum Hourly Drive Rate Minimum Cents Per Kilometre
1
2
3 $975.50 $38.04 $0.5073
4 $992.70 $38.72 $0.5162
5 $1,005.00 $39.20 $0.5226
6 $1,016.40 $39.64 $0.5285
7 $1,031.20 $40.22 $0.5362
8 $1,061.20 $41.39 $0.5518
9 $1,078.90 $42.08 $0.5610
10 $1,105.70 $43.12 $0.5750

 

Major rest break allowance payable when a driver sleeps overnight in a truck will remain the same, $56.28 for 2024-2025.

For more information visit the Fair Work website here.

Road Transport and Distribution Updates

The rate changes for the Road Transport and Distribution Award for 2024-2025 are:

Grade Minimum Weekly Pay Rate Minimum Hourly Rate
1 $941.70 $24.78
2 $964.30 $25.38
3 $975.50 $25.67
4 $992.70 $26.12
5 $1,005.00 $26.45
6 $1,016.40 $26.75
7 $1,031.20 $27.14
8 $1,061.20 $27.93
9 $1,078.90 $28.39
10 $1,105.70 $29.10

For more information visit the Fair Work Website 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.

Contact Us

27 Welsford Street
Shepparton, VIC 3630

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

Latest Fuel Tax Credit Rates for Businesses: 05 August 2024 – 02 February 2025

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

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

Businessman analyzes profitability of working companies with digital augmented reality graphics, positive indicators in 2024, businessman calculates financial data for long-term investments.

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

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

plus-1-logo

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

Contact Us

27 Welsford Street
Shepparton, VIC 3630

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

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.

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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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

27 Welsford Street
Shepparton, VIC 3630

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