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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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Superannuation for Women

January 18, 2019

It’s no secret that the median super balance for Australian women at the time of retirement is significantly lower than that of their male counterparts. The Australian Commission & Investments Commission (ASIC) have reported that men retire with about twice the amount as women. The discrepancy is reportedly even higher between Mums and Dads. Between lower wages and a higher likelihood of having an interrupted working life for women, women also tend to live longer and thus require more super to cover more years. Unfortunately, between personal finances, business financial capabilities, and governmental policies, actions to close this gap can be limited.

Where viable, private companies can consider: