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The ATO Announces New Fuel Tax Credit Rates!

fuel tax credits 2018

 

Great news, fuel tax credit rates have increased this financial year!

For taxpayers who own a business in machinery, plant, equipment and heavy vehicles, you’re most likely dealing with fuel expenses. You can claim the fuel tax credit for those expenses.

The ATO announces new business rates for the fuel acquired from 1 August 2018 to 31 January 2019.

Below you can see the new fuel tax credit rates. Read the rest of this entry »

The GST and Low Value Goods

What is the GST?

The ATO has announced a new tax law on the goods and services tax (GST) before the 2018 tax season. You may be wondering, what is the GST? The GST is a tax of 10% on most goods, services and other items that companies or other entities sell to Australia. We actually consume most of these goods!

New Tax Law

From 1 July 2018, the GST will affect businesses that sell low-value goods who import to consumers in Australia. Low-value goods have a customs value of A$1,000 or less when the price is under the agreement with the customer. However, any tobacco products or alcoholic beverages do not have the GST tax since they will be charged at the border.

Here’s the breakdown of the changes.

Read the rest of this entry »