Trish K Books

27/06/2024

31/05/2024

17/05/2024

So, you've heard of Fuel Tax Credits (FTC), but do you understand what they are, or how to claim them?

Fuel tax credits are a credit for the fuel excise which is included in the price of fuel. The rates of the credits are indexed twice a year in February and August. There are different rates based on whether the fuel is for on or off public road purposes.

Who can claim?
Businesses who are registered for GST and registered for Fuel Tax Credits are eligible to claim the credits.

What can you claim on?
Fuel used in:
• Machinery eg. Tractors, harvesters, loaders
• Plant & equipment eg. Augers, fire-fighting pumps, Whipper-snippers
• Heavy vehicles eg. Mobile cranes, trucks
• Light vehicles used off public roads eg. ATVs, motorbikes, utes
Note: Private vehicle use and fuel used in light vehicles travelling on public roads are ineligible.

How to claim?
There are different acceptable methods for calculating the quantities and amounts claimable. The easiest method is to claim based on the eligible litres acquired during the period, ensuring only eligible fuels and uses are claimed eg. Fuel used in light vehicles on public roads are not eligible. Other methods include using a reliable percentage based on a sample period.

When to claim?
FTC are reported on your Business Activity Statement (BAS), using your GST reporting method of either a cash or accrual basis. That is, if you report on accrual basis, then report the litres as received. If you report on a cash basis, then report the litres as you paid.

Want to know more?
Head to the ATO website for all the details:
https:// www.ato.gov.au/businesses-and-organisations/small-business-newsroom/your-guide-to-claiming-fuel-tax-credits

10/05/2024

Running a business? Not sure when to add GST to your invoices? You're not alone!

Here's a simple breakdown:
👉 If your business is registered for GST with the ATO (voluntarily or because your turnover is $75,000+) AND you are selling taxable goods or services, then you need to charge GST.
👉 If your business is not registered and your turnover is under the threshold, then no worries - no GST needed.

04/05/2024

Business owners, ever wonder about suppliers without an ABN? It can get tricky! You might need to withhold 47% of their invoice. Ask for their ABN or "Statement by a supplier" to be sure.
https://caat-p-001.sitecorecontenthub.cloud/api/public/content/0a46cffad58b4b4ab08df3c3db563e42_Statement_by_a_supplier.pdf?fbclid=IwZXh0bgNhZW0CMTAAAR1sRE--zZg-Z_AvWpyBYSxJgFECE1nboAxHSIvXuptiB_YKo5tqewojxUg_aem_nOiJ5tj35HXipsRwnon79w

26/04/2024

Feeling overwhelmed by numbers in your business? Don't let bookkeeping headaches slow your hustle! I offer remote packages designed to take the stress out of managing your finances.

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