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On 1 July, the fuel tax credit rate for heavy vehicles (such as buses, coaches and trucks) for travelling on public roads has decreased.

Further to this, On 1 August 2023, fuel tax credit rates increased in line with the fuel excise indexation. The ATO emphasised that all fuel tax credit applicants need to apply the new rates for fuel acquired from 1 August.

If your business claims less than $10,000 in the year you can use the rate that applies at the end of your BAS period to work out your claim.

To support this, the ATO has released a fuel tax credit calculator to help to apply the correct fuel tax. You can access this on the ATO website.

Reminder:  When claiming Fuel Tax Credits, you can only claim for certain business activities.  At no time can you claim Fuel Tax Credits for vehicles travelling on a public road which are less than 4.5t GVM, even if that vehicle is a business vehicle.

If you have any questions, reach out to EnVision Partners. We’ve got your back!

Local businesspeople are invited to join us at the Chinchilla Business Advisory Board (CBAB) meetings.

These meetings provide an opportunity for networking, knowledge sharing, and fostering valuable connections within our local business community.

We often invite speakers to join us if there are key topics people would like advice on, otherwise we use this as an opportunity to engage in insightful discussions on various aspects of business. Topics in the past have included: finance, marketing, hiring, training and retaining talent, operational efficiency, compliance, technology and innovations, change and trends, risk management and growth.

If you are interested in attending an upcoming session, see our Events page, or contact us ([email protected]) and request to be added to the mailing list.

The Australian Taxation Office (ATO) has recently announced an increase in the Division 7A benchmark interest rate. This update could have implications for loans, payments, and arrangements covered by Division 7A of the Income Tax Assessment Act.

The Division 7A benchmark interest rate will be 8.27% per annum. This represents an increase from the previous rate of 4.77% per annum. It is important to note that this change could affect the calculation of interest on loans or payments made to shareholders or associates, as well as other financial arrangements.

We recommend that you review your existing loans, agreements, and any other financial arrangements to ensure they remain compliant with the updated benchmark interest rate. If adjustments are needed, we encourage you to take the necessary steps to address these changes as soon as possible.

Our team of Business Advisors are available to assist you in navigating these changes and ensuring that your financial arrangements are in line with the updated Division 7A benchmark interest rate. Please feel free to reach out and schedule a consultation or if you have any questions or concerns regarding this update.

We understand that regulatory changes can be complex, but we are committed to providing you with the guidance and support you need to ensure compliance and make informed financial decisions.