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Changes to fuel tax credits

Backdating to July 1 2014, the carbon charge will be removed from all fuels. The ATO has indicated that this will result in some changes to fuel tax credits. There will be an increase in fuel tax credits available for a range of off road activities, while credits will no longer be available to specified non-transport activities in agriculture, fishing and forestry. Businesses that are registered for GST are also now able to claim more for gaseous fuels used for transport purposes.

If you are unsure as to how the changes may impact you the ATO has provided a range of online calculators and tools that you can access when completing your business activity statement, ensuring that your claim is accurate.

It has also been proposed, under the Fuel Indexation (Road Funding) Special Account Bill 2014, that there will be a reintroduction of bi-annual indexation of excise and excise equivalent customs duty on all fuels. The indexation would be aligned to the consumer price index (CPI) and aviation fuels would be exempt. The additional revenue would be directed into improving roads and infrastructure, with the aim of improving national productivity.

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Reviewing your super

July 19, 2018

The ATO is encouraging taxpayers to review their super this tax time.

Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg.

There is over $18 billion in lost and unclaimed super. Those who have changed their name, address, job or lived overseas are at high risk of having lost super.

During the last five years, more than $10.7 billion of super has been consolidated from over 2.1 million accounts through ATO online services.

The ATO is also reminding taxpayers that the new super deduction is available. Most people under 75 years of age can claim a tax deduction for personal after-tax super contributions.

Personal super contributions deductions provide a level of flexibility for young people that change jobs frequently, self-employed contractors, small business employees, freelancers and people whose employers do not offer salary sacrifice arrangements.

To claim a deduction for any personal super contributions made in 2017/18, you must lodge a notice of intent to claim a deduction with your fund and receive a confirmation letter from them before lodging your tax return.