Fuel Tax Claim Potential Errors in prior period BAS returns
From 30 March 2022 to 28 September 2022, businesses that acquired fuel for use in heavy
vehicles for travelling on public roads couldn’t claim fuel tax credits.
.
This is because the road user charge was more than the excise duty paid, which reduced the fuel tax credit rate
to nil.
Without realising this change, many businesses claimed the normal (old) fuel tax credit during this period in June 2022 Business Activity Statement (BAS).
To correct the overclaim, a correction can be made on the next quarterly BAS to decrease fuel tax credit amount, by including at label 7C (Fuel tax credit over claim).
If your GST turnover is less than $20m, this error must be corrected within 18 months.
Acctweb
Hot Issues
- What is a Commercial Lease?
- 8 tips to improve your online sales
- ATO cracking down on tax dodgers trying to leave the country
- Digital Assets You Forgot You Own (and Why They Still Matter at Tax Time)
- ‘Not insurmountable’: What accountants need to know ahead of Payday Super
- Heading overseas? Centrelink and the ATO might need to know
- The ATO’s new draft rules could change your holiday home tax claims
- Which country produces the most electricity annually?
- Restructuring Family Businesses: From Partnership to Limited Company
- Choose the right business structure step-by-step guide
- ATO’s holiday home owner tax changes spur taxpayers to be ‘wary and proactive’
- Payday Super part 1: understanding the new law
- A refresher on Medicare levy and Medicare levy surcharge.
- Protecting yourself from misinformation
- Super gender gap slowly narrows
- Countries with the largest collection or eucalyptus trees
- Benchmarks for small business
- Right to Disconnect
- There’s $18.9 billion in lost and unclaimed super - some may belong to you
- Small businesses remain optimistic despite high stress, report reveals
- Tax and your child’s money: what parents need to know including TFNs
- How to declare minor children’s income
- Net cash flow tax: What is it and what will it mean for SMEs?
- Bribery, brothels, breaches of confidence: ATO officer loses appeal against imprisonment
- Why Culture Matters (Even in Small Teams)
Article archive
April - June 2023 archive
- 2023 Year End Tax Planning Guide
- Legal Considerations Around Recording Customers Who Enter My Business
- ATO acts against foreign worker exploitation
- Low productivity threatens inflation outlook, RBA warns
- Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
- Top 50 Greatest Inventions in History
- Summary of Superannuation Issues and Recent Changes
- Key Considerations When Sharing Personal Information with Overseas Contractors
- Changes to parental and workplace sexual harassment laws
- Small businesses need hands-on help with cyber security
- Small business must race to beat instant asset write-off deadline
- Single Touch Payroll Reporting
- Holiday Home Tax
- Key points from the 2023-24 Federal Budget
- Overview of the Federal Budget 2023 – 24
- Protect your business from cyber threats
- ATO small business ideas or other business support
- Fuel Tax Claim Potential Errors in prior period BAS returns
- ATO warns businesses to check FBT claims as deadline nears
- FBT Reminder – Odometer Reading
- Early intervention 'critical' as insolvencies surge
- How Long Could You Survive Drinking Only .......